Cellbxhealth (LSE:CLBX) — Investor Presentation and Q&A

0:00 Good afternoon, and welcome to the CELLBX Health PLC investor presentation. Throughout this recorded presentation, investors will be in listen only mode. Questions are encouraged, and they can be submitted at any time using the Q and A tab situated on the right hand corner of your screen. 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 can review all questions submitted today and publish responses what is appropriate to do so. Before we begin, I would like to submit the following poll, and I would now like to hand you over to CEO Peter Collins. Good afternoon to you. Thank you. Good afternoon. Peter Collins, CEO at CELLBXHEALTH, and looking forward to share the latest around how we are moving the company forward with a new strategy and business plan.

0:52 On the call today with myself presenting, my colleague Sinead Armstrong, our FD, if you'd like to introduce yourself. Yeah. I'm Sinead Armstrong. I have been with CELLBX, formerly Anglo, over the last twenty five years in various roles within finance doing my current role for about the last seven to eight years. Thank you, Sinead. Unfortunately, on this part of the presentation, our executive chairman, Jan Groen, can't join us, But Jan has significant experience in the diagnostic industry. Some companies here has been involved in establishing from Europe and successfully transitioned them into The US.

1:44 Two of them you can you can see there with Agenda and the company MDXHEALTH. And Jan and I have previously worked together from my own from my own side. You know, I spent the last twenty five years or so in senior executive roles across either oncology, diagnostic, or drug development, and in many cases, both that included includes a five year stint at GSK where I headed diagnostics reporting to the board, but also was part of their immunotherapy drug development group group. So seeing both sides of the drug development story, and I spent the last ten years in liquid biopsy primarily in the in the oncology space, which included a couple of years at Garden Health and then involved in the as a CEO of the successful acquisition of a UK company Innovata by NeoGenomics for 400,000,000 pre commercial.

2:44 So excited to be looking at the other side of liquid biopsy where, you know, circulating tumor cells, I believe, can make a really major difference. And obviously, together with Yam, we have over sixty years of significant experience working in this industry. So excited about the future for for CELLBXHEALTH. So the summary of the opportunity here is as sure many of you be aware, you know, there's a huge market, you know, total addressable market size here, which is growing annually at about 12%. And there's a real clinical need now for the use of circulating tumor cells to add the importantly complementary and unique insights beyond ctDNA.

3:34 The liquid biopsy space has been dominated by ctDNA for the last ten or fifteen years, but there's a real recognition that we've we've kind of reached the limits of what we can achieve with that, and we still need to do more to get patients on the right drug at the right time. So there's a real shift in the business model here from science and academic collaborations towards, you know, a very focused commercialization approach, which will essentially be led through a wide variety of partners, both strategic partnerships with key players in the industry and also the lab services providers that are either addressing patients or the the biopharma space. And in order to do that, we want to increase the footprint of the car sortics and hence the flow through of consumables, etcetera, that go go with that. So we've got a well qualified sales pipeline, £12,600,000 that we've got good sight of over the next two years, and we've weighted that back to feel very confident about 4,500,000 of those revenues in the in in the coming two years.

4:41 So it's a, you know, new leadership team with a significant amount of commercial and also clinical experience, and this is a very focused strategy driving towards profitability and, you know, cash flow breakeven in towards the back end of twenty twenty eight. As you all know, the the given the structure of the company and the the raise now versus the market cap, we're gonna require a significant restructuring of the business and we'll go into that in more in more details. So summary of where we are to date with the funding is we've successfully raised 6,800,000 gross, which has just been announced.

5:27 Would like to to big shout out to our largest shareholders who've come in and really supported the business, believe in believe in both CTCs and what we're doing and have significantly increased their positions And the retail offer, as you can see, is at of up to 1,000,000 at a penny a share. General meeting is planned for December 15, admission thereafter on the eighteenth of eighteenth of December. I'm sure many of you again, maybe you're aware, you know, cancer is a significant and a a and a and a growing challenge for both individuals and their families and also for, you know, governments and society to deal with and tools such as the ones that we plan to develop are going to be critical to addressing those those questions.

6:19 Many of you may familiar that cancer diagnosis is is currently standard care is made by a tissue biopsy. That's generally only able to be done once. It's it's it's painful, it's costly, and unfortunately, it only provides information at that time of the original diagnosis, and during a patient's cancer journey, evolution will occur and then that block is no or that tissue is no longer representative of the patient. We've done a lot of work on circulating tumor DNA, but you can't always find it. There are technical failures, so this leaves a number of patients who, who aren't able to get on the right drug at the right time. So there's a need for, additional information to be found, preferably from a single blood a simple blood draw to, improve how we're able to manage those patients.

7:11 This slide here is to demonstrate that, you know, tumors have a rich rich blood supply, and so constantly they're regularly seen circulating tumor cells move into the bloodstream. When we look for circulating tumor DNA, which is our fragments of DNA from dead or dying cells, the way in which they actually get into the bloodstream is is quite different, and the challenge we we say faced is that we currently run number one tissue biopsy and number three ctDNA, and we're not able to get all the information we we need. So it's really important now that we press on with using circulating tumor cells, which are, you know, a live representation of the tumor at that time, and so we're able to do a lot more with those cells and and get a lot more information for the physicians and for the drug development process.

8:12 Good timing recently was this independent expert consensus from a publication that we actually press released confirming from that group, some of whom are customers and some of some of whom are groups that have I have I've certainly I previously worked with that CTC is gonna play a significant role potentially for all metastatic cancer patients during the coming years, you know, in that so moving into the here and now. And as importantly, in terms of the the platform that we have, you know, you know, the ParZortix is recognized as a best in class sample preparation platform for circulating tube cells, and it was identified by forty percent of the panel that the Parasortics was technology for now and and for the future. Some of you will have, you know, seen before the the images of the instrument and in progress here. So you can see on the right hand side the is blood running through the channels of the cassette that we use where the magic occurs to provide this very representative or most representative, you know, high numbers of certain tissue cells, which we can collect to use for further downstream analysis.

9:27 And it's important to recognize that there is has over the years developed a huge amount of clinical validity data that you can find surface in tumor cells across all stages of of cancer in in pretty much all solid tumors. This the system itself, you know, can be integrated and works well in existing lab instrument and workflow environments. Of course, the over over the years, we have managed to place a number of platforms and we've done work on a number of of contracts, so there is certainly enough commercial validation that the the instrument does what it says on the tin, so to speak, and we can generate good data with our partners. But unfortunately, we haven't been able to place enough or grow that business fast enough.

10:16 And we do have, you know, good recognition here for the fact that we have the right quality management systems in place that have enabled us to work with the FDA and others, and obviously some some high profile customers that we work with who would all confirm that we are working with us. We we do great work. So moving forward, you know, what's what's different? We really wanna focus on accelerating the uptake of Parcelix platforms and their consumables predominantly through this the, you know, the specialist CRO groups who have full line pathology services for the the, you know, for the biotech industry for both, you know, small biopharma and the the bigger pharma companies, and also the clinical labs in the primarily, I guess, in the in The US who are regularly developing tests for, you know, dealing with the unmet needs of their cancer patients. We will continue to work in the area of laboratory services for clinical trial support and some assays with a limited number of partners, but we don't want to be involved in managing and looking for large numbers of biopharma partners with whom we effectively have to share the risk of drug development with them and with no upside. So the idea is to work with the labs who were set up for managing this on a much larger scale than

11:47 we could ever hope to do. And then on the laboratory developed test side, we'll we've got some strategic partnerships in place, which will come to further down the line, the likes of Roche, and others, where we can expand, you know, the reach of existing tests and effectively leverage the platform that they have broadly across across the industry. So here's some good insight into the companies that we've been working with and much of this is in the in the public domain. We're very excited about the opportunity with Myriad Genetics, which again is confirmation that, you know, tissue tests fail on a regular basis, in some cases up to thirty percent of the time, And so the option for a simple blood draw and the ability to identify the same genetic alterations from the circulating tumor cells is an extremely attractive one, and Myriad have is an example of a, you know, they're a billion $1,000,000,000 company processing about a million samples a year broadly across all all tumor types, and so one can imagine there are multiple opportunities with different cancer types for tests that they pull together where we can integrate into their workflow.

13:03 Roche, another great example where we've been working with Roche tissue diagnostics that we had a poster of work that we had done with them. At one of the, well, the the biggest drugcom conference annually, the for ADCs. This is a huge class of drugs, which currently AstraZeneca are the leader with their drug in HER two. These drugs all work by by the by basically being able to identify proteins on the surface of cells to which the antibody side attaches to the cell, and then the drug payload is is conjugated to the back of that, and that's how the drug gets delivered. That's very difficult to do and challenging in tissue, and you can't answer it with answer the question with with genomics.

13:51 So the work we've done there is both Roche Roche Diagnostics and ourselves are very excited about the fact that you can fit this into standard workflows. And from the previous slide, there was a picture of it called the benchmark ultra, and there are over 30,000 of those worldwide. So the idea of being able to develop workflows for both drug development and ultimately for patients is very, very exciting and a lot of very good response to that. We're also looking at ways of transferring currently tests that are currently done on a DNA basis, I. Circulating tumor DNA, so where those tests have a failure rate, anything up to twenty percent of the time, that leaves maybe twenty percent of patients, a good example of maybe non small cell lung cancer, where these patients can't be biopsied, so twenty percent of the time those patients will have no option due to a test failure.

14:49 So we've got a very exciting project going with a partner which we'll announce more about at a later date, which would see them have failed test reflex to circulating tumor cells to identify actionable alterations to get patients on drug. I think once we've demonstrated that kind of clinical utility similar to the Myriad Myriad Genetics side, you know, having clinical utility means getting these tests to patients, physicians making decisions about treatment, and obviously it'll have a knock on effect for the pharma companies as well. So we're very excited about these these these partnerships as we move into, you know, '26 and '27. So, hopefully, this this this flow diagram gives you a good idea of how the business model is gonna work. So on the left hand there, we have our consumables and our instrument, the ParSortix.

15:42 At the top, the CELLKEALTH slide for working in the cell environment, and then the cassette itself for isolating the use of end tumor cells. We've got our strategic providers, excuse me, who either do imaging of the cells or they basically extract DNA for downstream analysis. Excuse me. Just take a some coffee on board. And then we very clearly identified who the customers we wanna work with, the specialist CROs and and some of the bigger ones, a group in there where we'll continue to do lab services, and then the clinical labs. So there's a, you know, significant installed base and we can work with the strategic partners to identify the right people to work with both on the CRO and clinical lab side.

16:35 And there's a very clear number of customers that we we've identified who we can work with to to deliver the revenue plan in '26 and '27. And I mentioned earlier, we have a a sales pipeline of 12.6 growth, which we weighted back to four and a half, but we're very confident about those revenues during '26 and '27. So in summary, from a commercial perspective over the next eighteen months, you know, we'll be increasing that razor razor blade model. We plan to do some at least two technology transfers into US clinical labs, well identified, and again, clear number of pilot programs and assay development projects with existing pharma partners in the pipeline.

17:21 And then we will also work in the laboratory developed test area with with work that we've already done or or working with partners, and we believe we can take those into other labs, particularly in the in The US. So the current outlook is we expect to hit the forecasted number of 1,600,000 at the end of this year. We already mentioned the pipeline. Again, we'll we'll we'll we're looking for all the cost efficiencies that we can. We'll no longer be doing any manufacturing in house. We'll do that all with partners. And by doing that, we can increase the the margins to 70% plus and 8,000,000 plus of revenues in the medium term expect to break even at the end of twenty eight. We're gonna alter the way that we interact with the shareholder base and keep people updated on on on how we're progressing, so we will move to quarterly reporting, and our news flow will be based around the important events that that I would describe as value inflection, particularly the relationship with companies like Myriad Genetics, and our other project which will see the reflexing of failed ctDNA tests to looking for alterations in surfactant tumor cells.

18:39 That's a let's go back to the current rate. That's a huge opportunity. There are somewhere in excess of a million liquid biopsies for CGP annually, and a 150 to 200,000 of those will probably not deliver any data. So it's a huge opportunity for, you know, more patients to be identified for drug and obviously more downstream analysis via sequencing or possibly PCR going forward. Lot of excitement with the the partners we're working with. So for our financial reset, you can see here where the and ask should I need to go into the details, but you can see how we're reducing cash burn footprint and headcount to what have the company that we need for going forward.

19:26 Yeah. So we're we're looking at a significant tightening of the belt and reducing the footprint of the business. We're we currently have about a 108 employees, and we're looking to reduce that to around about 44 with a a pivot in the business case to to move us from a large research and development company to a much leaner r and d team that is focused on the the driving of the revenue generating activities. The cash burn will move from 12,700,000 down to 5,500,000 in 2026.

20:11 And this and this, along with the headcount changes, we will move from two locations in Guildford to one location, merging both our clinical and our r and d lab facilities and looking at cost cutting right throughout the company. Thanks, Jeanette. Such as your reminder here that there have been significant acquisitions in the liquid biopsy market over the last five years, and maybe the most relevant one for this audience was Bio Rad's acquisition of of CELLBXHEALTH, which was dedicated to, you know, being able to isolate So if they can chew the cells for downstream analysis of which a company like, you know, Bio Rad or a multi billion dollar company have multiple options and instrument systems to be able to investigate.

21:08 So over five years ago, they put, you know, the better part of a 100,000,000 into a platform, and that's a platform that we consistently beat when we come up against them. And so that's, you know, you can see that there's given the information provided earlier about this move into clinical utility, a lot more people are gonna want to have a dedicated, you know, approach to why and and something with, you know, standardized approach to isolating circulating tumor cells, so you can incorporate that in workflows in a multitude of different environments. So we're very excited about who we could well end up with working working with in the in in the future as this starts to grow at a much greater pace than previously seen.

21:58 So I think we're closer to the final slide here. So this is our use of funds going going forward, you know, say r and r and d team is greatly reduced, but we've got some significant, you know, value generating projects that we'll be working on. Obviously, we've got work to do with our current pharma partners. We'll expand the the sales and marketing capabilities, so we can work closely with the partners we've identified. There'll be significant restructuring and cost optimization here, so that comes down to a 60% reduction in headcount and obviously a significant reduction in our footprint in general. So those savings amount to, you know, circa 5.9 mil. We've not in the past or in the past, we've got some legacy systems that we feel need replacing to ensure it's scalable, and we have we have less requirement for people to to be involved in the in the processes around here. So that sort of requires a small investment, and, obviously, we're gonna be left with appropriate 3.6 of working capital, you know, which is a significant reduction versus in in in '26 versus '25, etcetera. So assuming the full uptake of the retail offer, that would see us with 7.8 in cash there.

23:23 So summary, yeah, successfully raised to 6 0.8. Again, big thanks to the larger shareholders who have stepped in and actually taken up significantly increased positions, and the retail offer is up to a million and a penny a share. Those are the logistics of getting it all in place. So thank you for your time and happy to try and address some of the questions. That's great. Peter Sinead, thank you very much indeed for your presentation. Ladies and gentlemen, please do continue to submit your questions using the q and a tab situated on the top right corner of your screen. While the company take a few moments to review those questions submitted today, I would like to remind you that a recording of this presentation along with a copy of the slides and the published q and a can be accessed via your investor dashboard.

24:11 Peter, as you can see, we have received a number of questions throughout today's presentation. If I may now hand back to you and kindly ask you to read out the questions where appropriate to do so, and I'll pick up from you both at the end. Thank you. Okay. So question here from p p. Please, can you provide an update on where CELLBXHEALTH are with the AstraZeneca collaboration? Obviously, can't give give details, but suffice to say we are working very closely with with AstraZeneca, and I think they're certainly very excited about the fact that they say as the dominant player in the ADC antibody drug conjugate market, they have a number of assets that they want to develop for which it only makes sense that they would work with circulating tumor cells. I've been privileged to work with AstraZeneca over the last twenty years with a couple of drug approvals for them, so excited to be working with a with a group group that I know, you know, super well, and I think we yeah. The the portents are good for the the work going going forward.

25:33 Why so there's a question here about why limit the total fundraise at 7,800,000? Would you not have preferred a large amount to give you a greater one runway to to to to break even? I think the the general consensus was that, you know, we have a plan to deliver to, so there's some good discipline associated in doing that. There are value inflection points coming up this year, which I think would see us when we go when we go back to the market next time, it's on the basis of a very different profile to the business. And so agreement was that we we we we could move forward at that price and exercise the appropriate amount of discipline required here. We've got a clear path through to, you know, getting the business on a on an even keel financially.

26:25 We were good you know, we're we're we're very comfortable with the amount that we've raised now to be able to deliver on the plan we've got. And next time we say, risk of repeating myself, you know, we wanna go forward next time raising money with a a much stronger position than we currently have from a value perspective. There's a question further up here about LDTs. Previous incumbents made much of the current US administration resistance their development. I'm not sure it was the US administration. It was much more from the the FDA have always had an option to exercise oversight over the the world of laboratory developed tests, which have has a different body for regulatory approvals.

27:23 The FDA have never exercised that, and so over a period of time, they have on a couple of occasions attempted to gain control, and so that was an exercise that was went through and ultimately that approach was was kicked out because the American Medical Association and other bodies did not want to see the FDA involved and believe this that that would stifled innovation. So this somewhat, I don't know, fractious relationship that exists between the LDT world and IVDs will continue in The US for some time some time moving forward. At this point, there is there is no change. I think we're we've kinda moved moved beyond that.

28:12 Let's take the Yeah. Do wanna do the breakeven one, should I? Yeah. There's a question here that asks, what do you base the end 2028 breakeven point on? That's very much on revenue growth of expected for next year, about 3,600,000, increasing to 5,500,000 in 2027 and an increase to 8,000,000 in 2028. That along with the continued restrictions on on growth maintaining the cost the cost as low as possible with no additions in headcount in 2027 and additions in headcount in 2028 that match with the delivery of of of projects and revenue generating projects.

29:12 Thanks, Sinead. Question here, can you detail how your strategy builds on the efforts we have seen before? Well, I think it's it's essentially, here, it's a this is very much a narrowing of the focus. I think in the in the in the past, it's not not uncommon, you know, company trying to be, you know, with a with a with a platform with infinite possibilities. There's always a tendency to wanna try and do, you know, everything as far as possible with as many partners as possible, but I think at some point, one realizes that, you know, there's a reason there are dedicated CROs addressing the biopharma world to get involved, say, with carrying the risk of drug development with no upside is a very challenging business to be in.

29:59 I guess it was also the case that, you know, there have been partners out there who are interested in in developing high value tests, most of the money to be made in the in The US, for example, is in the downstream analysis of of, in this case, circulating tumor cells, but, you know, coming up with with winners and the amount of study required to do or the amount the size of studies required to to develop. True clinical utility is pretty huge. You effectively have to do a phase three clinical trial, and that's that's much better done with with a pharma company, for example. So trying to cherry pick one's own test that we think might be super successful is very difficult. Hence, we want to expand the footprint of labs to work with and not compete with the other LDT test providers or even compete with the companies who are dedicated to supporting the bi the biopharma business. So we're basically, you know, looking to narrow the focus and work exclusively with partners and and not try and do too much or all the stuff all on our own.

31:14 So there was a question after that which basically said why did previous management fail and what are you doing differently? I think that all comes under the same under the same heading. It's just a much more focused and commercial process here working with working with partners. Question. Does the company have to sell hardware for the testing, or is there a way surgeons can just do a test? The the company has to provide hardware to the laboratories who will be developing the tests that eventually, certainly in the in The US in particular, that a surgeon or, you know, a treating physician can order from one of those labs of which there are, you know, thousands in the in The US. Okay.

32:02 The commercial adoption of pass audits has been slower than initially expected in part to material change in market mind, also the commercial execution. Has this market changed? In my opinion, yes, the market market environment has changed. The fact that the the likes of, you know, the relationship, for example, we have with Myriad is effectively them coming to us as opposed to us trying to persuade them that, you know, wouldn't it be a great idea if you could adopt this technology to improve the current test that you have available so you have less failures? Similarly, the partner that we're working with regarding identification of patients, particularly in the lung cancer space, who have failed so called ctDNA, that's then coming to us saying, you know, can you help us address this this challenge of twenty percent of our patients we can't get any information on? We know. There's a high likelihood that many of them would be eligible for, you know, target you know, targeted therapies.

33:09 So I think that that switch now is a recognition that we've kind of reached the end of the line in terms of we really understand fully the limitations of circulating tumor DNA. So I think those are all key moves. I think the the fact that we worked closely with or maybe take a step back. There are a couple of in key drug classes, the ADCs, antibody drug conjugates, and the RLTs, the radioligand therapies, where, you know, tissue remains a huge problem, you know, it's far too slow to get into into clinical trials, and you can't identify patients genomically. You you need circulating tumor cells again so that you can identify the right cells to develop drugs or to find patients who would benefit. I think that is a that is a material change in those drug classes that are coming into into play now.

34:05 So another question, the bio vu two assay. Yeah. That that that work has been com completed to the point of the test is available in in our menu and can be promoted. There now needs to be further work done to demonstrate the clinical utility of this. I can't emphasize enough how, again, if you wanna develop the full range or if you wanna capture the full range of value within the market, developing tests of clinical utility are incredibly challenging to do. And, you know, going through a process of analytical validation, clinical validity, and then clinical utility is a very expensive one. And to date, for whatever reason, and especially certainly in tumor cells, we've only ever been able to develop clinical validity data. So unfortunately, you end up with a a lot of very good and and I guess, you know, well meaning academic labs that end up to some extent with an with an echo chamber of, yeah, this is associated here and it would make sense to look at it in the context of this this cancer. But unless the test tells of a physician what they can do with the patient, then unfortunately, if you can't pass the so what question, then you're you're never going to be regularly requested or used.

35:28 So it's it's it's finding the the best way to partner to develop to deliver that clinical utility. Is there any route to get the NHS to use the ParSaltix? All I would say there is is kind of watch this watch this space. There's no reason why the NHS should not be should not be using using some some very key areas. Sorry. My question may be clear. Who do you need to sell to? Yeah. Laboratories. I mean, I think we've said that. See, CROs are dedicated laboratories providing, you know, full ranges of pathology, a full range pathology service, so everything you would find in a clinical lab, but dedicated to addressing questions for the biopharma industry.

36:21 And again, that would have been one of our big challenges here. We're over only really offering one sample type and a limited amount of analyses, whereas the CROs have the whole gamut of technologies and equipment to provide information for drug development, which is gonna be many more biomarkers than circulating tumor cells. Given the precipitous fall in share price, is the correct strategy now in place to create meaningful shareholder value? Well, yes, we we believe that to be the case, and I think the fact that the three of the largest shareholders who obviously have experienced significant exposure during that window are are backing new management and new plan.

37:14 Suspirations post breakeven? Aspiration post breakeven. Well, I think I think it all depends on the on the these what I I reference is value inflection points in terms of clinical utility. I think once once we've achieved those value inflection points, then we have a number of options that come become open to us. Clearly, addressing the question of scaling if there's sufficient demand for circulation tumor cells becomes a big question. And clearly, the the current Parzortis instrument, you know, is not really set up for any kind of, you know, high throughput scenario. So that would give us the ability to consider our own m and a activity to, you know, increase our footprint and what we can offer to our partners.

38:11 Equally, it it there has to be some reasonably high likelihood that we would actually become the target of a of a, you know, of a high value, you know, m and a activity ourselves. There was a question earlier about how the staff are reacting to the, announced cuts to headcount. We started the consultation process yesterday, and it has been yeah. It's been quite difficult. There's been a lot of shock. There was an expectation as the runway the cash runway had was was limited. You know, there was an expectation that this fundraise had to happen or there was a likelihood of administration.

39:01 So there was there was a collective sort of holding of breath to see what would happen. But there was there was an expectation that we would be cutting headcount, but the the amount of headcount that we we are cutting was was was not expected. That said, of the staff that are staying, there's quite a really positive attitude to the challenge ahead. There's a feeling that this is the absolute right business case, business plan going forward, and that we will be looking much more like what they would expect a company of our type to be looking like in terms of the size and the ability to deliver what we need to do.

39:47 You know? Yeah. Yeah. And we're we're and we're certainly comfortable that we can or we'll be able to retain, you know, all the yeah. What one of the most of the other key people to be able to deliver on the on the new business plan going forward. I think there's one other question, which is collaboration with Solaris Mid Atlantic regarding prostate cancer, collaboration which funds were raised for. This is one obviously is pre predates me. Have as far as I can understand, the there is there is still an opportunity to to collaborate. I think the initial work that we had done, you know, had looked promising and then we we basically reached a hiatus as we move towards the next steps.

40:41 But we are still in discussions with Solaris about how we how we move that forward. It's not currently within the the plan for next year because we've had to we've had to cut back and there's a significant commitment for a further clinical trial that to develop the utility data that we we're not we're not resourced to do right now, but we will certainly look to exploit that as soon as we can. Future dilution from granting of share options, we would expect to issue or increase the pool that exists to no more than 10% of the of the shared capital.

41:29 But what I would say is that they issued the options issued to management will have capital growth restrictions on them, So it will be a number of years before and before they will vest. Visibility on the revenue forecast, we well, we have spoken about that to certain extent. We have good visibility on about 4,500,000, up to 6,000,000. And then they as as as we move out over the years, obviously, the visibility is not not as clear. And then it is PassAutics Plus has higher throughput and presume more aligned with companies doing downstream analysis.

42:23 Well, all the companies we plan to work with will be doing downstream analysis, and we have a very good line of sight on the companies we we know we need to work with. And I think eventually, our strategic partnerships who are basically the people who provide all the equipment and consumables to do that downstream analysis. We are triangulating with to ensure that, you know, there's a a kind of, you know, seamless integration of workflow. So they're all set up to go with the discussions that their their commercial facing teams have with the biopharma world. Similarly, these platform providers do the same thing and then we kind of effectively triangulate with the pharma companies to drive demand back through, you know, our strategic partners and the labs that we work with. So in that respect, the new strategy, you know, is a real force multiplier on the size of the commercial team and the footprint that we need working closely with with with people who were all pointed in the same direction. So it's, you know, classic win win win for everybody. We're not we're not competing with with anyone other than other providers of circulating tumor cells.

43:39 That's great, Peter. Sinead, if I may just jump back in there and thank you for addressing all those questions for investors today. And, of course, the company can review your questions submitted today, and we'll publish those responses on the investor meet company platform. But, Peter, before I redirect investors to provide you with their feedback, which I know is particularly important to the company, could I please just ask you for a few closing comments? Yeah. No. We're obviously, you know, super excited that we've managed to successfully raise funds for, you know, a reprofiled business with a with a very different business model. And certainly, the given the quality of the strategic partnerships we've got in place. And those opportunities, you know, think, you know, we will need to execute flawlessly on on those on those programs as described.

44:26 They will be, you know, significant value inflection points along with revenue growth, you know, over the next over the next twelve to eighteen months. So we're very excited about what the future will hold and, you know, would expect with those value inflection points in particular, you know, to see the value of the company increase. So exciting times and and hopefully, the group here all feel well motivated to to participate. Thank you. Fantastic. Peter, Shanay, thank you once again for updating investors today. Could I please ask investors not to close this session as you'll now be automatically redirected to provide your feedback in order that the board can better understand your views and expectations? This will only take a few moments to complete, and I'm sure we'll be greatly valued by the company. On behalf of the management team of CELLBXHEALTH PLC, we would like to thank you for attending today's presentation, and good afternoon to you all.