Physiomics (LSE:PYC) — Full Year Results Presentation 2021

0:01 Good afternoon, ladies and gentlemen. Welcome to the PHYSIOMICS PLC investor presentation for the full year results 2021. So at this presentation, investors will be in listen only mode. Questions are encouraged and can be submitted at any time via the Q and A tab situated in the right hand corner of your screen. Just click q and a, scroll to the bottom, type your question, and press send. The company may not be in a position to answer every question received during the meeting itself. However, the company will review all questions submitted today and publish responses where it's appropriate to do so. These will be available via your investment company dashboard. You'll be notified once they're ready for your review. I'd also like to remind you this presentation is being recorded. Before we begin, we'd like to submit the following poll. I'd now like to hand you over to Jim Millen, CEO of PHYSIOMICS PLC. Good afternoon. Thank you very much indeed. So, yes, I'm I'm Jim Millan, doctor Jim Millan, CEO of PHYSIOMICS, and I'd like to spend a few minutes today talking to you about, our full year results, that were published just this morning.

0:59 I'll skip over the usual disclaimer. I'll just spend a couple of minutes in case there are any, investors out there who are a little bit less familiar with us. So our business model is we're primarily a consultancy, and we combine a deep understanding of cancer biology together with knowledge of, quantitative pharmacology, how much drug gets into the body, where it ends up, what effect it has, together with, the ability to identify and to, format data, and then to program all of that in order to be able to generate insights to help our clients develop, you know, really great cancer drugs.

1:42 Our business is currently, split in two parts, really. The commercial part, the the revenue generating part on the left is a business which, works with small biotech companies right up to large pharmaceutical companies, providing them with, services, of the nature that I just described, and in particular, a software tool that we developed in house over over a number of years called virtual tumor and indeed a tool which is constantly evolving. And I'll talk a little bit more about that later. On the other hand, on the right hand side, you can see that, you know, as previously announced, we have a number of activities in the field of personalized oncology. Most of these have been funded by a variety of successful grant applications over the last three or four years from both Innovate UK and from the, National Institute of Healthcare Research, through its I four I program.

2:40 The particular focus that we have is on the personalization of dosing. We believe that there's a real opportunity to personalize dosing in a way that helps to avoid certain safety issues that come, of course, with with all cancer drugs, and also to optimize the efficacy of those drugs. So through that grant funding, we've developed a tool. We have, as announced last Christmas, entered into a collaboration with a a large US company, Tabula Rasa HealthCare, through its subsidiary, DoseMe Rx. And I'll talk a little bit more about that, later. I know that there are there are many questions on that collaboration, but it it's going really well in summary.

3:25 And I'll tell you give a little bit more flavor around that, just presently. And then, just finally on this slide, the other activity that we've got going on in personalized dosing is the The UK based and the I for I sponsored partner trial, which is being run down in Portsmouth by the the great people at, the Portsmouth Technology Trials Unit, and the NHS Trust, at Portsmouth. And as we announced just a few weeks ago, that that trial, although it has been slightly delayed in its start as a result of COVID, has now started and and, recruited its first patient, which is which is really fantastic news.

4:06 Just a very brief word about our client base. I've said it already, but we really work with pretty much everybody who is involved in in or interested in treating cancer, and that ranges from small to midsized companies. We took on this year a new small client, NewMap Therapeutics, which is both well funded and and and led by, you know, really considerable industry veterans. And that collaboration has been going exceptionally well. We maintain, you know, a very close relationship with our key big pharma client, Merck Sirono, Merck KGAA, as I think it's technically known, and have also and continue to work with with other big pharma. In parallel with that, we have the grant funded collaborations that I just mentioned, and we've worked with a number of, academic centers, including Portsmouth, as I mentioned just now, also Oxford University, and various grant giving bodies in The UK and elsewhere.

5:10 The sorts of questions that we help these, various bodies answer are the sorts of questions that that need to be answered when you're developing cancer drugs. So most cancer drugs have, you know, both a therapeutic benefit, but also some unfortunate side effects. And finding the right balance for the right patient in the right disease is really, what we're helping our clients to do. I won't read all of these bullets out, but in essence, we're helping, the people that we work with get the most, the very most out of the the drugs that they're developing and helping them to, get those drugs to market in in the most cost effective way possible. So moving on to just a couple of excerpts from our our full year report that was, as I say, published by RNS this morning. The financial highlights here, I I won't read them all out. Obviously, it's been a little bit of a challenging year, partly as a result of of COVID. So we did see some slowdown in some of our clients' clinical trials as a result of COVID. Just as, as I mentioned just now, we saw a delay in the start of our own partner trial. Well, we're seeing that mirrored, in a number of client engagements as well.

6:31 And that has meant that some projects that were due to start this year, would you know, were delayed. We hope and believe that to a significant extent, that will be a timing effect and that those same projects will, will will still kick off. Some of them already have, but the the the those that haven't will also kick off in the near future. So we're optimistic that, the effect of COVID nineteen, obviously, pending any further change in the in the in in the status of the pandemic. But assuming that the current trend continues, the hope is that things will start to normalize in health care systems and allow, in particular, cancer trials and cancer treatment to continue, at the level that it was, prior to the pandemic. As a result, you know, our our both our revenues, and our profit were were down.

7:24 However, I I think, you know, again, on a positive note, you know, our cash position remains very strong. And, you know, despite everything that's happened, our cash and equivalents at the end of the the financial year ended 06/30/2021, were really not far different from, our position twelve months before, and that is despite a a material amount of investment that's, that's gone in this year. And, really, that's the other, you know, that that's the other reason for for especially the the the the the the reduction in the profit this year is that we have engaged in a number of, investment activities that we think are gonna generate long term value. And when we raised money in in in 2020, I think it was, we set out what we were gonna do with with that fundraiser. We have started to do it. So we've invested in marketing, for example.

8:15 We've invested in new business development resource, and we were very pleased to welcome Hailey Close, our new head of business development just recently, as announced a month or so ago. We've had the collaboration with Valorex, which has been on a risk sharing basis that has involved us doing some work at risk, but in return for, you know, a material share of any agreements that they may make should should they come through. We've invested, as I mentioned just now, in the collaboration with which, you know, is is at our cost initially as in, you know, we we put our time in, without being paid for it. But, of course, you know, we hope, that that that will lead to revenues in the future as well. So, you know, I I really hope and believe that the investments that we've made this year will will pay dividends, you know, in in the relatively near term.

9:07 And I've probably said some of the things that I was meant to say on this side already, but let let's just take a look and see if there's anything extra that we'd like to pick up on here. Continuing to have strong client relationships, I think I covered previously. The partnership with Tabula Rasa HealthCare's DoseMe subsidiary, I did say at the beginning that I would say a little bit more about that. And and, obviously, we've had a lot of shareholder interest, a lot of questions in the run up to this presentation, around how that's going. I'm really pleased to be able to say that the integration of the PHYSIOMICS software into the DOSME RX platform has now been largely completed just very recently, and that that collaboration is moving to a phase of user testing. And that testing will go on probably over the next few months, so really between now and the end of the year. And once we get the feedback from that testing, then we'll think about next steps. So can't say too much more about that at this point.

10:06 But just to say that that is still moving forwards, that we have reached a, you know, a material milestone in having completed that initial integration, you know, both ourselves and our partner, SMERx, are are are are, you know, very excited to, to to see what will happen next. The agreement with with Valorex, the engagement with Valorex continues. We stated that we were going to as part of the update of the agreement announced in February this year, we were going to be involved in in their scientific advisory board, and and that has indeed happened. So my colleague, doctor Christophe Chassegnol, has joined the Valorex, scientific advisory board and participated in in a number of their meetings over the course of this year. Obviously, we can't comment on on the content of those meetings. That's for for Vallrex to to do or or or as they see fit.

11:02 But I can say that that collaboration remains strong and that we look forward to continuing to work with Alorex going forwards. The partner study I've mentioned already, and then, perhaps the, the last thing that I haven't already covered on this slide is, the fact that we ourselves held a scientific advisory board, in the spring. And as a result of that, we identified a number of other possible avenues of investigation for uses of our modeling technology in other health care settings. So we're effectively going through a a diligence process looking at a number of different potential opportunities for us to apply all of those skills and capabilities that I started off telling you about on the first slide, but in, you know, in related life science settings, slightly, apart from the quantitative pharmacology work that's been the the core of our business up to this point in time.

12:02 Again, I I I can't provide any further details of that right at this point. However, as, as we begin to firm up, and look at specific ideas, then we will we will, of course, keep the market updated. So, just to say, a couple more things about, you know, the the the the different areas in which we're working, both the two current areas, which are those in the boxes at top of, this slide, and also, you know, potential future directions, which I alluded to just now. So I think, you know, the core consulting business continues to to to be strong. And although we took a little bit of a hit in revenues this year, you know, I I don't think that was as a result of of lack of interest in in in, in companies doing this sort of work.

12:58 And in particular, you know, and I've said this before in other presentations, there is a a very genuine and real drive on the part of regulatory authorities, perhaps most on the part of the FDA through its, project Optimus, and you guys can can Google that and read more about it. But, essentially, the FDA and other regulators are saying we need more than just the traditional, you know, heuristic, ways in in which people, work out what first in human doses should be. We need to see modeling. We need to see, you know, a mathematical, statistical justification for for those early human, trial dosing regimens. And I think that that plays, you know, very well into, into PHYSIOMICS' sweet spot as this is really core to the sort of work that we do with with the majority of our clients.

13:52 Secondly, you know, there is still significant funding going into life science companies. So, you know, every day you read about new startups that are funded quite heavily, especially in The US, but but also in Europe. So there are there are no shortage of small and medium sized companies coming through now that that have great ideas with real potential and who could be potential clients and and benefit from services that PHYSIOMICS can provide. And many of these small companies operate a a small a semi or entirely virtual model whereby they they've really outsourced almost all of their functions, keeping just a handful of employees in house. And, again, you know, we are there for them. And that that sort of company and that sort of model fits very well with the with the PHYSIOMICS business model itself.

14:47 Moving across to personalized medicine, I think it goes without saying, and we've seen this in particular as a result of the COVID pandemic, that there are, you know, enormous cost pressures on health systems than were before COVID, and and, it's even more so the case, now. So I think that, the tools that we're, that we're developing, which help health systems, individual hospitals, individual doctors to optimize the use both of some existing drugs. And we're starting off, as you know, with docetaxel and in particular with this use in prostate cancer. But the same principle can be applied to other current drugs and potentially to drugs in development as well. Because I think that with all of these pressures on the health system, then making the best use out of drugs, avoiding unfortunate side effects where that is possible, getting the best efficacy out of drugs where that is possible, I think is becoming, you know, a a commercial a commercial reality.

15:50 And our partner, DosingRx, a subsidiary of Tabula Rasa HealthCare in The US, already has an established business model, as you guys know, in The US, which leverages the need to to do this, especially in North America. And we're looking forward to continuing that to that business relationship. And then just finally, I guess, to, to to to reiterate that, you know, we are actively exploring other areas where our particular, you know, capabilities, cancer, quantitative pharmacology, you know, data analysis, coding, where those can be used in in other health care settings. You know, there are plenty of examples of companies that are raising interest in the areas of drug discovery, diagnostics, analysis that helps companies stratify patients for clinical trials.

16:49 And we believe that our technology and that our capabilities, you know, may well have some application in in one or more of these spaces or other spaces still to be identified. And, again, as I said a few minutes ago, we will, keep you guys updated as we make progress in in thinking further about that as we work to, you know, identify and to triage new opportunities. So in summary, and, again, I don't think I'm saying anything that I haven't said, over the last few minutes here. We, you know, we want to continue to build our core business. You know, we are generating great thought leadership. You know, we have a great social media strategy now, which is generating, you know, real results. If you Google, you know, PKPD modeling, then PHYSIOMICS tends to appear pretty high up in the Google rankings, and that's not because we're paying for for that to happen. It's because the Google search algorithm actually picks up on all of the news flow that involves PHYSIOMICS and, you know, picks up on the on the media around the relationships that we have in this space. So, you know, this is a very exciting thing for me.

18:10 We're going to leverage our our our new expanded business development capability to more aggressively grow our consulting business. It's something that we've been talking about, you know, over the course of this year and indeed really since our last fundraise. But now that it's a reality, we we we have Hailey joined the company just a few months ago, and she's almost experienced in helping businesses of our side to grow. And then we're looking forward to leveraging that capability to to grow our pipeline. We're gonna push forward with our alliance in purse in the personalized medicine, personalized dosing space, and I won't say more about that because I think that's been well covered already. And then also seek opportunities in in other areas where our skills and capabilities will could be brought to bear in an effective manner.

19:02 That's fantastic. Thank you very much indeed for the presentation. Ladies and gentlemen, do please continue to submit your questions using the q and a tab situated on the right hand corner of your screen. Which time, Jim takes a few moments to review those investor questions submitted already. I'd like to remind you that recording of the presentation along with a copy of the slides and the published q and a can be accessed via your investor dashboard on the Investor Me company platform. I'd also like to remind you that your feedback is important to the company. And immediately after the presentation has ended, you'll be redirected for the opportunity to provide feedback in order that the company can better understand your views and expectations. Jim, we received a number of questions both presubmitted and, obviously, you can see during the meeting itself. So if I may just hand back to you to address those and where appropriate to do so, if you could just read out the question and give you a response, please. Yeah. By all means. So, apologies if we don't get your question.

19:50 You know, I've tried to take a representative cross section that focuses on the, the issues and the, you know, the the the questions which seem to be of of greatest interest. So in terms of developments at Tabula Rasa and how we expect this relationship to unfold, I think I covered that in my main presentation. It is, you know, really great news that that initial integration has been completed. Yes. It did take a little bit longer than anticipated. I think we were originally hoping to finish, you know, roundabout June, July time, and and here we are a couple of months after that. But, you know, I I've seen the result, and it it looks fantastic. That's just my personal view. But, obviously, what's important is the view of the clinicians who are gonna be and the pharmacists in The US who are gonna be testing it.

20:40 So, our partner, DoseMeRx, is, going to be running that, that that testing process, And, you know, we we hope to get some feedback from that, before the end of the year, and we'll update people, you know, as and when we can on that. The next steps will obviously depend on that feedback, so I can't really say more about that right now. Another question was around the relationship, if any, between, the collaboration with Tabula Rasa and the trial, the partner trial that's going on at PTTU, at the Portsmouth Technology Trials Unit. I think I've made a comment that these things were going on in parallel, and and someone wanted to know really what did that mean, and are these two things connected?

21:32 And I guess what I would say is that I think that the two activities are going on in parallel, but they may end up being connected. But, obviously, because Europe and The US have slightly different regulatory environments in our partnership with, DoseMeRx in The US. That's subject to US regulations around the sorts of software that we're developing, whereas our efforts in in The UK are all, obviously, subject to, you know, European regulations around this software. However, any insights that we gain from from the partner study, will obviously be available to the collaboration with, with DoseMeRx also. There's a question around Valorex.

22:18 We, we, issued the RNS about the updated collaboration agreement in February saying that we could receive up to £6,000,000, if all goes according to plan. And there's a question around, you know, when would the money be paid. I guess I just have to reiterate that, obviously, it depends on on Valorex doing a deal. We we get a percentage of of deals that ValorX do in relation to, you know, one of their products, val two zero one. And, obviously, any money we get paid will the timing of that will will obviously mirror the timing of any money that that ValorX receives. And, you know, there are no guarantees, but, you know, I I can say that our contribution to that collaboration, you know, seems to be going well, and we, you know, we follow the ValorX story with interest.

23:13 I think the point about, our involvement with Valorex and a seat on their scientific advisory board, I answered, earlier, and the answer was was yes. My colleague, Christophe Chasagnol, has joined the Valeric scientific advisory board, so that addresses that. There was a comment, a question rather around, NUMAB. How was the work received? Could more work come from NUMAB to PHYSIOMICS? Again, you know, we don't comment on specific client and great engagements typically, but, you know, I can say that in general terms, it's been a really excellent collaboration. We're very happy with it. We think the client has been happy with it as well. I I can't comment on the likelihood of of repeat business, but, obviously, it's always our aspiration to convert, you know, good engagements into repeat business. So as and when, we can announce something further on that front, we we will.

24:13 There was a question around the partner study. It was intended to run over twelve months. In September, we announced that the project would be formally extended to April 2022 through an agreement with NIHR. However, we only recruited our first patient in mid September, and so there's a question around the timelines. I guess all I can say is that the NIHR grant, is formally now, due to to, run through till April 2022. There may be a little bit of flexibility in that, but we will obviously have to create a a report and provide some formal feedback to NIHR at that point. However, that doesn't mean that we can't continue the study under our own steam.

25:01 And if we feel like we need to continue on for a few more months in order to get the patient numbers that we need in order to get the data that we need, then, you know, we we have the resources and the and the willingness and the interest to do so. So, people don't need to be concerned on that front. There's a question. As the pandemic abates, will the board start making personal appearances at the various conferences like AACR? Obviously, this rather depends on the COVID situation. We would certainly like to start to make in person appearances at conferences again. It rather depends on both the travel situation, both from a UK perspective and from the perspective of the country where the conference is happening, as well as, you know, how the conferen conference organizes themselves, have set the conference up.

25:55 So I think we just have to watch that space, but, certainly, it's our desire and intention to return to, you know, one face to face engagement at these sorts of conferences where it's possible and safe to do so. There was a question in relation to one of our AACR posters, which was partially written, had an author, mister Christian Harry of King's College London. There was a question asking, is he on the payroll? Was King's College involved? So so, Christian Harry was an intern at PHYSIOMICS, did an excellent job, Christian, if you're listening, from around September through to December, 2020.

26:40 He made a material contribution to, to that paper, and hence, he is an author on the paper. He was not working for PHYSIOMICS in the capacity of a representative of King's College. He happens to, be doing some research there. I think that's what the the questioner here picked up on. So I believe that that addresses that question. There was a question about the partner study start date. So what was the question? The partner study's first recruit was recruited in September, but on the clinicaltrials.gov site, the study start date was noted as 07/06/2021.

27:27 So I think this is just a technicality. There was a formal document, that was signed in July, which meant that, formally, the study had started. And so that is the date, I believe, which is noted on clintrials.gov. However, I think that the, you know, the activity, which is more material interest to both ourselves and and probably yourselves, is the actual, you know, progress in recruitment. And so, you know, yes, the study started formally in July, but, yes, the first recruit happened in September. So I don't think there's any inconsistency between those two things. So let me now just turn to some of the questions that have come in while I've been speaking.

28:15 So, question here. Can you elaborate on where your clients focus their R and D efforts last year? Was oncology drug development put on the back burner as pharma giants turn their attention to COVID vaccine, response areas? So I think I did, cover this to some extent during my presentation, and I, you know, I think the answer is probably yes. You know, a lot of pharma companies were both, stymied to some extent in in being able to progress their cancer trials because of COVID. And at the same time, some of those same companies found COVID related applications for for the same drugs. So I guess some pharma companies were both winners and losers through that process.

29:03 Some have only won, and and some have only lost. So, you know, it's a bit of a mixed bag there, but but, certainly, COVID has had a significant impact in slowing down oncology research and, unfortunately, to some extent, treatment, over the last year and a half. But it has given opportunities, to some companies, who have found applications for, in COVID for some of their drugs. And indeed, you know, as you guys know, you know, one of the things that our partner collaborator Valerex is exploring is a possible COVID related use for for one of one of its assets. So it'll be interesting to see how that goes. Another question or a couple of questions here in terms of scaling the business. So there's a question here which goes something like, how is the business gonna scale? Is it purely a function of additional staff?

30:01 Are there other things that we can exploit to generate meaningful operating leverage? So I think the answer is is is, you know, both of those things. So, certainly, the consulting part of the business, you know, will need to take on more staff. And and as you've seen, you know, we took on an additional, technical team member, earlier in the summer, as well as a new business development executive more recently, And that does give us additional capacity and, you know, enables us to scale more quickly. However, at the same time, you know, we we are always actively, exploring ways in which we can leverage what we do, our capabilities, and our agreements in order to grow in ways that are not necessarily related directly to our headcount.

30:48 I guess that the Vallrex agreement is one example of that. The tabular acidosis and the Rx agreement is another example of that. And, you know, through us, the efforts of our scientific advisory board, you know, we hope to come up with more such ideas that will enable us to develop things which perhaps look a little bit more like assets and where once they're developed, we can actually, you know, derive a revenue stream from them rather than relying on, or relying only on on on, the chargeable hours that our staff can do. So I think, you know, as you've seen from my presentation, the strategy is is kind of threefold at the moment, and involves both an element of traditional consulting, which, yes, is is generally constrained by the number of staff and but also at the same time looking at an asset based business. The only thing I would say about staff is that whenever we go out to recruit, we always are overwhelmed by the response. So, you know, people I get a lot of unsolicited emails from both graduates and, and people who are already employed at other companies saying, you know, we love what you're doing. We we'd love to come and work with you guys.

32:00 And, obviously, as and when we think it's sensible and appropriate to expand the team, then we will hopefully be able to reach into a pool of, talented individuals who, you know, can really help us grow the business.

32:16 So a question here saying, how has the company's approach to new business development changed with the recent hire in that area? That's a great question. So I think it it will change in both quality and quantity. So I think since our last fundraise, we've already been investing in the right sorts of things. So improving our social media presence, excuse me,

32:45 improving our online presence, investing in databases that enable us to, you know, identify new clients, investing in a partner marketing company that can make calls to those new clients, the, you know, rigorous use of, of client relation management software like Salesforce in order to track our activities in relation to potential new clients. So all of that, we'll be able to do but more with, the help of, of our, our new head of business development. But, obviously, we we hope and expect that, that that individual will also, generate new ideas for how we can expand the business. So I think in both of those ways, things will change in a positive manner going forwards.

33:35 There's a question about our scientific advisory board. What have they identified as being areas of interest and who is on it? So I'm gonna have to deliberately pass on that right now, but I I do undertake to come back, as soon as I can and and answer that question once I feel that, you know, we we have, you know, we've done enough to be able to answer that question in in a meaningful way. But, you know, I would just like to acknowledge it. I understand that it's it's of material interest, to investors. It's it's really a focus for us as well at the moment. So, please watch this space. So, just one or two more then, I think, before we close.

34:24 So there's a question around KPIs. So, I mean, we we do have broker forecasts. So it said in the absence of broker forecasts, what forward looking KPIs can you give us to understand how the business is likely to perform in the future?

34:38 So, obviously, Hybridan do put out numbers for us. I don't think we're we're we're covered elsewhere widely. So, you know, we're a small company, and I guess that's understandable. And, you know, we will continue to try and increase the amount of information that we, we provide to shareholders if I just compare and contrast what I was able to say, you know, four or five years ago when I when I joined the company with with what I'm able to say now, you know, there's really no comparison. I I think we're we're being a lot more granular about telling you guys the sorts of things that we're doing in order to try and expand and succeed. I do understand that you would like us to try and quantify that, more, and, you know, I will, again, undertake to to go away and think about how we might be able to do that.

35:28 Obviously, as a relatively small company, then, you know, one material deal can easily swing things one way or another. So, we're still at that stage of our growth where where where that is a fact. So I need to be a little bit careful in in what sort of KPIs we come up with, but let me take that one away and see if we can we can come back to you on that, if that's okay. And in terms of the the shape of the pipeline, you know, again, you know, I'm I'm reluctant to to give specific numbers, but, you know, I can say that you know? And I I may have said this before, but only because it's true. But I believe our pipeline is is, the strongest that it's been, you know, both in terms of identified companies that have oncology assets where we know we can help them, companies that we've actually established contact with, that we've had an initial conversation with, perhaps that we've had a, you know, a business development call with through to companies where we're actively talking about projects and proposals, you know, through to, you know, existing clients where where we we can do repeat business, you know, through to champions.

36:45 You know, I'll call them champions, you know, such as as Merck KGAA who have given us a significant amount of business over extended period of time and really acted as a as a material validation of of what we can do in this market. So I think because I'm running out of voice, I shall probably leave it there. I think I've addressed most of the questions, and I'll hand you you. You have indeed. So thank you very much. As usual, you've been very kind and generous and pretty much covered every single question that we've had through. And, of course, if there are any further questions that do come through, your company will be have the ability to review those questions. Perhaps before your voice does just go totally, if I could just ask you just for a quick snapshot before we redirect investors to give you some feedback, please. Sure. Well, I'll just say that PHYSIOMICS is a consultancy.

37:30 We use mathematical models to support the development of, cancer drugs and personalized medicine solutions. We're helping companies develop better cancer drugs more cost effectively, and we're helping health systems and providers get the most out of drugs that they already have and and new drugs which are coming down the pipeline to them. That's absolutely fantastic, Jim. Thank you again for updating investors today. Can I please ask investors not to close the session? It should be automatically redirected for the opportunity to provide your feedback in order that the management team can better understand your views and expectations. This will only take a few moments to complete and is greatly devalued by the company. On behalf of the management team of PHYSIOMICS PLC, we'd like to thank you for attending today's presentation. That concludes today's session. Thank you, and good afternoon.