Poolbeg Pharma (LSE:POLB) — Investor Presentation

0:01 Good afternoon, ladies and gentlemen, and welcome to the POOLBEG PHARMA PLC Investor Presentation. Throughout this recorded presentation, investors will be in listen only mode. Questions are encouraged and could be submitted at any time using the Q and A tab situated on the right hand corner of your screen. Please simply type in your question at any time and press send. The company may not be in a position to answer every question it receives during today's meeting. However, the company will review all questions submitted today and publish responses where it's appropriate to do so. Before we begin, we would like to submit the following poll, and I'll be most grateful, and as I'm sure the company will be, for your participation.

0:33 And I'd now like to hand over, if I may, to the cofounder and chairman of POLBEG PHARMA, Good afternoon. Mark, thank you very much, and thank you to everybody attending tonight. I'll start off the first five or ten minutes, and then I'll head over to Jeremy. My name is. I'm the cofounder and chairman. This is my fourth or fifth public company I've been involved in. And take swiftly wire for I know most of you have seen the story before, so we'll try and bring in some new information. Basically, we are and we are currently building a leading infectious disease company. A little bit more than that. The reason I'm here, we spun it out success from Open Orphan. The roots is very much infectious disease, and the roots is very much in human challenge trials.

1:22 And this is the future of a lot of infectious disease. We're fully funded. 25,000,000 raised to IPO. And as you will see in this morning's earnings, we had 20.9. So we're gonna early in this month in January, the turn of the year. So we're in very good shape financially. Long term shareholders, that's myself. I'm the largest shareholder, 7.8. Schrodersen for 4.5. With numerous other shareholders, but that's anybody above 3% is disclosable. That's the two disclosable stakes. We're targeting the booming infectious disease market. We're you'll hear a lot more about this in minute, but we're capital light, rapid development, and early monetization model. And let's spin to that in a few seconds. We're rapidly expanding the portfolio of assets and experienced team.

2:09 And between us, we've specialized in exits and creating shareholder value. So between myself and Jeremy and the team, we've already had exits in the tune of over 1,000,000,000 in shareholder value. So we create value by generating early human efficacy data on products that we outlicense early, often, and rapidly. We partner with big pharma, small pharma, biotechs. Each time we partner, we look for significant upfront cash and milestones payments as they develop the product. When we acquire products, the model is very simple because it's a space we know very well, and there's more products around seeking funding so we don't pay very much upfront. I think before I bring into the rest of the presentation, I think it's very important, Maybe quote from the statement I made this morning in our r and s. I know some of these have seen and heard before, but I think it's it's worth repeating a few of my quotes in this morning's r and s because I think this is it'll take the tone for the rest of meeting.

3:08 So I said this morning's in our r s, chairman of POLBEG, said, as a single largest shareholder of the company, I'm gonna make it my duty to ensure that the share price starts performing again. I want to make it clear that none of us like, this is all hard earned cash. I wrote a check for £500,000 sterling, my after tax personal income within the IPO. I wanna make clear that none of us are happy with the share prices. We can be smart and blame Ukraine, blame everybody, but could be the blame as ourselves. We're not where we should be, but we're working on that. And then I said, we're we're not with a share price. We're not happy where it is. It has dropped since IPO market. Market conditions remain extremely challenging. However, I want to reassure you that we're actively working on creating demonstrative shareholder value as we drive the business forward.

4:00 My personal belief is that one of the biggest reasons for the pressure in the share price is a perceived overhang from the forthcoming end of the lockup shares that are spin out from open orphan shareholders. Many shareholders are concerned the release of these shares may damage the share price. I personally it's about personal view, and bear in mind, I've been around a lot of public companies. I believe that this perception is wrong and that we won't sell see a wholesale sell off of these shares on the April 19. However, we're not gonna sit back. It's not in our nature to willy nilly. However, I would like to reassure shareholders that we're looking to to put in place actively as we speak, a number in a series of actions that we believe will reduce or eliminate the potential, for these shares to impact the market.

4:47 In addition to these specific actions, POOLBEG is also at the advanced stage of dual listing on the over the counter. That's not the pink sheets. That's the same market that Vodafone and are on in The USA. And we have plans to complete that hopefully in the next six, seven, eight weeks maximum. We say we'll do that within q two. This should provide additional liquidity to the company. And then we're also we talk quite a lot about the plan is we would really like to get properly dual listed NASDAQ. That's something we stated at IPO, and that's where we'd like to go. But the firm plan, OTC, will be done in q two. Furthermore, the dividend species we have to remind people, dividend species shares that were issued to shareholders are tax free in The UK for UK tax purposes. So our shareholders who get them, when they come in to your accounts, they're currently held in trust on the nineteenth to start appearing in people's accounts.

5:46 They you will have no income tax to pay on them in a personal capacity. The only tax will be when you sell them. Hopefully, you won't be selling them too soon. But if people sell them, they incur the tax. But by sitting, there's no tax. And the tax they incur when they sell them is basically capital gains tax. So I think it's a further reason we're not gonna have this sell up. But I said, in summary, I'm very optimistic that in the months ahead, our share price should and will start to perform. And more importantly, we will continue to progress our business as outlined at IPO. We made a lot of big bold statements. We are getting there. We are very clear. We're a unique publicly listed company. There's only one company I keep referring to. It's the German one. Evotec is anywhere close to this. We're a one stop shop for pharma and biotechs that are seeking a range of infectious disease assets.

6:38 So I think I want to put that clear. That's why I'm here tonight. I I feel disappointed with the share prices, but Jeremy, the team, and myself, they're just gonna work hard to get it on to a better place. So let me bring it back into the rest of the deck. A bit more emphasis, I think the market is still doesn't understand. When you're doing something unique, it takes a while to be realized. The normal biotech model is that you raise a lot of money. You have one or two assets. You fall in love with them. The only thing I fall in love is my family when I leave in the morning or usually in the long no. Because I leave them on Monday, I see them on Friday. So fall in love with your kids, but we biotechs fall in love with some of the products and to spend more money and more money and more money and then wait for clinical trial. Our model is not that. What we wanted to have a whole load of assets, pay very little. You see this very little upfront for them. We run low cost trials, 4 to 5,000,000 per assets. I'm being honest with you, quite a few assets, we only have to spend 1,000,000 to 1,000,000.5 in order to put them in a position where we might be able to create value.

7:40 We seek, in most cases, some form of early human efficacy data, And that's usually within twelve to eighteen months of acquiring those assets. And then we monetize. I think what people don't understand, what do we know we try and partner, out license, get money up front from big pharma, small pharma biotechs, and that money is reinvested in the pipeline again. So it's almost like an evergreen fund. We also can get up some of one of our recent assets. We've a debt of inquiries for the Chinese market, the Korean market, the Japanese market, and the Indian market. Right?

8:13 So we can actually sell off country specific rights within months. We don't have wait for data. So that's where we're making it very clear that our plan is not to come back to the market for any future fund raising. The 25,000,000 we raised, the bulk of it is still there in our balance sheet, and it will be run for quite a few years. And we believe we'll see money coming back in sooner than people may realize. So, hopefully, that's why we think it's unique. I think there's some confusion. People think we're born through the cash. That's not in our plan. That's the smaller biotechs who fall in love with one or two assets. We want for a production line of these that every time big pharma, small pharma, mid sized pharma buy are looking for infectious disease products, they'll come and talk to us. And we're now getting so many people coming, showing us assets, and then we prepare them as a production line for monetization.

9:07 Highlights, multiple deals. We started one family, POLBEG zero zero one. And so that is now entering the clinical trial in the months ahead, and we'll have data later this year. And the process of having so many products, we're constantly talking to big pharma and small pharma. We're not like your typical biotech who wait until the data. We will be talking often, regularly, in advance of having any data. So big pharma, there'll be lots of discussions. We've added three additional. Jeremy can go through them, zero two, zero three, and the oral vaccine platform. So there's almost something for everybody that we already have here. But there's always and there's loads more coming in. Of all of these assets, we've expended maybe a couple €100,000 up front in total. So that's the benefit of being the one stop shop. People come, and we could do great deals.

9:59 Jeremy will tell us all more about zero zero one. And I'm a firm believer that that zero zero one asset, there's a whole lot of IP extensions into other areas of indication, and we'll come to that another day, but that's a really, really exciting the plan is we've got it in influenza. There is a bunch of other areas we can expand that into. And when we do that, we'll let you know. Artificial intelligence deal, people were getting kind of impatient. We promised this IPO. Well, we've done their first one. There is more AI deals to come, and that's the future of the company as well. News today, we hadn't talked about before. We're well down the road to the OTC listing, and this is we know the holy grail. AIM is a great place to start, but you do need to be in North America. So the OTC is a first step towards a proper, hopefully, dual listing on Nasdaq later this year. Expanding the scientific advisory board.

10:52 Jeremy will take you through more of those. And in summary here, we're very well capitalized with 20.9 on the January 1, and we haven't spent much since then. We try and protect our cash flow. I think we've already all of this covered here already. I'm not gonna go into it again. All in the last line, this is one of the sexiest places to be. The infectious disease, it's growing post pandemic. The reason it's growing post pandemic, there was no money spent on infectious disease for thirty years. Here comes the pandemic, and now you have Pfizer, GSK, AstraZeneca, all of them are looking for infectious disease. So we want to be able to supply a portfolio of them. It's gonna be the world's single biggest market, potentially up to 250,000,000,000 annually by 2025.

11:38 We're now in 2023, so that's a hell of a market. Traditionally, oncology was very sexy and big. Orphan drugs with prior current interest there as well and some of the other things. But today, this infectious disease is where the action and the interest is. At this point, I think I'll hand over to Jeremy. He will bring you through the assets, and we're gonna leave loads of time at the end because there's been quite a few presubmitted questions and questions come in. So we'll leave plenty of time at the end to answer some questions as So, Jeremy, over to you. Thank you, Kyle. Appreciate that. For those who don't know, my name is Jeremy Skillington. I am the CEO of POOLBEG PHARMA, a scientist by training, but I'm almost twenty years in the biotech industry, essentially on the business development side doing deals. And as you'll see, that'll be an important component for for POOLBEG moving forward. But I've worked with international.

12:30 I've worked in California. I've worked in Germany. I worked in Ireland, UK. So across, you know, the spectrum. So very excited to be on board with POOLBEG. I pinch myself every now and again to remind myself it's only seven months since IPO. And, you know, all that we've accomplished, achieved up to now is is quite impressive. So what I'll do, I'll go through our pipeline of assets to begin with. And as you see, what we have in blue is what we brought over, what we inherited from the demerger from from Open Orphan. And what we have here in green is what we've been working on, bringing in house through various deals and collaborations to build out the pipeline. And I think importantly, we you know, doing what we said we do at IPO, and I think we're accomplishing that. So I'll run through these. I have one slide in each one of them, but just high level POLB zero zero one is a p thirty eight.

13:18 It's an immunomodulator for severe influenza. We're about to put this into human challenge studies later this year, and that's on track. And as Carlos said, potential beyond severe influenza, but we have strong IP in that sector. We recently did deal with the University of Warwick for an RNA based therapeutic around respiratory virus infections for both treatment and prophylactic, so giving treatments in advance of potential outbreak. It's a very unique dual modality here that, again, is, you know, very very interested scientifically. POLB zero zero three is a vaccine for a bacterial disease called melioidosis from University College Dublin. So that's very interesting, very unmet, very underserved needs and markets, and that's something that the team have done terrifically well to bring forward to late preclinical stage. And, again, I'll talk a little bit about that. So they're kind of on the product front and more on the platform front.

14:10 And as you know, platforms will feed you products. So, we can see the pipeline will be expanding, over the coming months and years as we tease out new products from these platforms. We have an oral vaccine delivery platform collaborating with Anabio. And as we all know from the the injections, many of us got in our arms over the last two years, there is a resistance. If you can have a thick vaccine with similar efficacy but get it orally, that, you know, again, much more attractive proposition. So that's why we moved into that space. So we're covering our bets. We've said at the start, you know, with multiple shots on goal is the route we're gonna take. So different platforms, different diseases, different approaches. So on the the RSV, artificial intelligence, a deal we had signed and announced last week with one three Biotech, again, using a very unique dataset that we have access to a license to from from OpenOrphan for RSV challenge studies and lot of data, a lot to sift through manually from a scientific standpoint. But using AI, they can analyze this data and look for new targets and candidates. And, you know, I speak about that. We're very excited about this particular approach. And, again, as I said, we we have potential we have other datasets in influenza and in in SARS CoV two, so potential to kinda go beyond RSV to look for other targets for other viral diseases.

15:26 And then on the other front, we have vaccine discovery platform. We're able to tease out what the immune system what parts of a virus does the immune system recognize and builds up an immune response to, so potential to build that into numerous products as well. So the key to, you know, as Carlos outlined to POOLBEG is we'll push these through into early clinical testing, get that early human data that pharma so craves. They find it difficult to make internal decisions on deal making if there's not human data because there's so many unanswered questions with regard safety and efficacy in humans. There's a well worn statement that you can cure cancer in mice, but it's much more difficult in humans. So they'll look for that human data, and that's where POOLBEG will step in. We'll get that early human data through challenge studies phase one, phase one b, and then start parking with PHARMA. And this is the key that what we described here is the monetization zone is a key component to the POOLBEG strategy is that we partner early and often. We will get upfront milestones and downstream royalties from PHARMA as these standard deal structures.

16:30 But as they take on the risk and they take on the all take on on on the spend, we will reap the benefits as they progress in development. So a very standard deal structure in the industry. So, again, very excited about this. We do have a biomarker platform as well, and, also, we're expanding the pipeline. We're not resting. We're, you know, happy with the progress we've made so far, but we're still ambitious and aggressive to build the pipeline even further even further. And then from there, build out to, to have additional clinical trials, clinical programs for partnering. And the reason we're doing this, and this goes back to the core of the POOLBEG strategy, and I think it's to be a partner of choice for pharma. Now this this slide, I just wanna focus you on the right hand side of of the slide and focusing on the dark blue color here.

17:16 So the dark blue is essentially what pharma have developed in house. So these are the programs that pharma have developed in house. And you see they they had some successes in 2015, '16, '17, and then a drop off in 1819. And the other, let's say, 60% in 2019 is programs that they bring in, programs that pharma actively go and seek and in license and acquire or purchase, you know, buying, acquiring a company. So they're more reliant on external innovation for people like POOLBEG than developing internally. So they're trying to find that balance. So, again, Karl has mentioned from infectious diseases, the timing couldn't be better. Down at the bottom, there's a number of deals listed for for various RSV we mentioned, a 120,000,000 upfront. So these are significant deals that companies can generate from partnerships.

18:04 Merck acquiring Oncomune for a COVID program, $425,000,000 upfront. And then Pfizer's Valneva was actually announced two weeks ago, has made progress. This is a Lyme disease vaccine, 130,000,000 upfront. So if we can do the same for POLB zero zero one, zero zero two, zero zero three, you can see the revenue generation, will be quite significant. Again, that's the goal of POOLBEG and how we'll generate our revenue, but also fund, the new programs that we have in house. So I'll speak now to the programs that we have and, this POLB zero zero one, which we inherited, acquired from the demerger and have pushed forward quite rapidly since then, again, hitting all of our timing milestones that we stated. So this is a clinical stage potential blockbuster for severe influenza. It's targeting the immune response. So if you get severe influenza, the immune system tries to clear the virus, but sometimes it goes awry. And actually, the immune response causes more damage than the virus.

19:01 So that's you moved into severe influenza, so you're in the intensive care unit. It's your immune system that's causing the damage, and this is an immune system blocker, but very selective. So we've got a clinical trial plan to human challenge study using LPS, the summer surrogates, you could say, for for influenza, and that's on track. Now there's a number of, you know, pieces we have to put in place to achieve this, and that's formulation, manufacturing, clinical trial site selection, clinical trial design, etcetera. So we've been we've achieved all that, and we have all those pieces in place and are ready to go. So we're on track to dose in June of this year. So, again, hitting the time that we stated in July of last year, so we're we're on track for all of that. And these are relatively quick and efficient studies, short term studies, so we will have the data out in the second half of twenty twenty two. And as we mentioned, you know, we've been in discussion with pharmas up to now explaining what we're doing, what our plans are, and ambitions are. So there when when human data comes out, we'll have the deeper discussion with pharma.

19:59 So potential for earlier monetization, and as Kaho has said, you know, potential territorial deals as well. You can have more slices of the pie to get a bigger pie. But against influenza itself, significant unmet need, it's been quiet for the last couple of years because of COVID and social distancing, etcetera. But the the fear is that it'll come rolling back roaring back as society opens up and there's more and more interactions. From a patent standpoint, we're protected out to 2038. So, again, good coverage there. So happy with that. We've got worldwide rights from, from the licensor that, that we're collaborating with. And again, the analysts see peak sales of 275,000,000 more with these label extensions into other diseases where p thirty eight will play a significant role from an immune standpoint. So by the numbers, influenza one and eight globally gets, infected.

20:45 Five to ten million of these are hospitalized. There's a half a million deaths. And I think there'll be a demand post COVID that we have to do a better job of preventing these deaths now that we understand the course of disease a lot better, you know, thanks to our studies in in COVID. Our next program that we have, in house POLB zero zero two, we announced this back in January. This was a a deal a license deal, an exclusive license deal with the University of Warwick. We spent twenty years working on this first in class broad spectrum RNA based immunotherapy. So, again, it's a dual action immunotherapy, so it actually fights the virus directly by interfering with replication, but it also triggers cells, immune cells in your nose to activate the innate immunity to to be ready for antiviral infection. So dual immunotherapy, immunotherapy, which shall be planning for more greater efficacious therapy here. It's in late preclinical stage.

21:38 They've they've done a terrific amount of work to move this forward. You know, I a a manufacturing pathway, for example, like, you know, clinical trials to be run, etcetera. So we're planning to move that forward rapidly into to human testing. This is delivered intranasally. So, again, avoiding the injections and triggers these innate immune cells to be in an antiviral state and blocking the virus. So very exciting program, I'd say, that the the university Warwick team to date have been excellent to work with. So we're looking forward to to updating the markets on our progress there in the not too distant future. And as a as a summary, the the the market that we're getting into is quite significant as well. So this is broad spectrum respiratory virus, so not just one strain of viral infection, but it's five to twenty percent of the population gets the seasonal outbreaks every year, three million deaths in the various, viral infections, and against the top five top five cause of global deaths. And, we were planning to get in there, get the early human efficacy data. And, again, this is something ideal for pharma to take on board and complete development and move forward from a clinical standpoint. So, again, very, great potential for this product and excited to bring it on board. Again, to to remind, the the attendees that this is mere seven months from from IPO, and we've achieved and accomplished a lot, identified some exciting programs to build our pipeline.

22:55 As well as that, we have, an antibacterial program, melioidosis vaccine. Now melioidosis is, is found in the tropics and subtropical regions. It's a pretty severe and significant disease where there's a hundred sixty five thousand cases estimated annually, and we they think that's underestimated, but there's a fifty four percent fatality. So you get this bug and you're in serious trouble. And the challenge here is that there's nothing else out there for this. It's a six month course of severe antibiotics, and, again, they don't always work. So they're looking for a vaccine and collaborating with the team at University College Dublin. They've done some, again, terrific work, bringing us to a late clin preclinical stage, files and the necessary IP, have developed the manufacturing process, identified key antigens and adjuvants to stimulate the immune response. So, again, a really interesting program that that is worth moving forward. And, as you know, we we talk about COVID and how pharma are looking to bring products into their pipeline. This is the one that once you get early human proof proof of concepts, then pharma will step in and take it forward there. I think what's interesting with this

23:58 in particular, there's a lot of potential for nondilutive funding. The likes of, you know, the Bill Bill and Melinda Gates Foundation, for example, they fund a lot of these tropical, subtropical diseases. So we'll be, you know, expanding beyond, you know, our IPO fundraise funds to look externally at these non dilutive fundings as well. So great potential here to have this 100% funded by external sources. So very excited about Meliadoses, the collaboration with, with UCD. They have five other vaccine programs that are earlier stage, but we have an option to these to kind of look at them, interrogate them. Let's see what progress they made. And all of them are significant unmet needs for infectious diseases. So, again, from a a one stop shop, we could build out our pipeline directly the colleagues at University College Dublin. And, again, the collaboration have started really well with them.

24:45 I will talk a little bit about our oral vaccine that I mentioned earlier on. So our colleagues at have developed a very interesting nano and microencapsulation technology. They've demonstrated efficacy by giving a a protein peptide that gets through the stomach. Normally, things are digested through the acids and our and the enzymes, but they can protect these proteins and peptides, get them through the stomach, and be released into the gut. And what we're planning here is to use the same platform and using antigens and adjuvants can generate this mucosal immunity. So the mucosa in your gut is activating immune system, activating and being ready for an infection to follow. So, again, we have great potential there for this platform. And as mentioned earlier on, the platform will feed out various products and programs from from this as the as the platform progresses.

25:31 So, again, looking forward to seeing how this develops over time. Again, the the potential here is broad. This is a deal we only signed in January, but the potential is broad across multiple different infectious disease types. That could be GI or that could be systemic. It could be across the body. So great potential here. And, again, working well with the team at antibiotic to to push this along. So the benefits of oral vaccines, maybe some of these are relatively straightforward and obvious, but driving mucosal immunity, there's this, you know, discussion around, you know, when you get an injection in your arm, you're generating systemic immunity. But if you can if you can drive mucosal immunity at the site of infection, you're gonna have a better chance of fighting that infection before it even, exists and takes off. So, again, great, potential here for that. And from a an oral vaccine delivery standpoint, much easier to distribute and administer.

26:19 The challenges at the start of the COVID nineteen pandemic was, you know, some of the the vaccines have to be at minus 80 and trying to ship minus 80 drugs and vaccines to, you know, to faraway places was a challenge. But an oral drug, you know, is in a blister packet and often moves. So there's a great potential here for that to meet significant global unmet needs. And then the last point, of course, is needle phobia. There is quite a significant fear of needles that people avoid vaccines because of it. But, of course, this gets around us. So, again, great potential for this platform to deliver multiple products. So it's not just one platform, but multiple products can can come out of it. And I will talk about a deal again as we talked about it on your own. We're we're deal makers here at at POOLBEG. Very excited to announce this deal, last week with, with colleagues at one three, Biotech based in New York. They've got a very, powerful, artificial intelligence platform where they can take in a lot of data. And, again, I mentioned earlier on, we inherited, we acquired, we've licensed a lot of data from the clinical trials that were run at h v v o and open orphan. And from that, we can get the colleagues at one three to analyze this data, large datasets, looking at how we respond to a viral infection.

27:31 And it's worth pointing out, you know, the the uniqueness of this data. Because it's a challenge study. You get a patient to get a healthy volunteer in who's healthy. You get their blood samples before they get the virus, then they get the virus. You can track the course of the disease as they get sick and as they recover. You can track the immune response. You can track the protein expression, the RNA expression, the gene expression. So fantastic dataset to interrogate. And, so we've got, we're focusing on RSV first. As you know, RSV is affecting fifty million people globally. Seventy four almost seventy five thousand people affected globally. These are elderly and and primarily youth. Babies under five is particularly challenging. And, there's no therapies out there right now for that. So this is a, you know, very exciting program to identify new targets, identify new pathways, and then identify drugs that can in intervene and, you know, that can hit these targets and and inhibit them. So a very exciting program that, again, as a platform, can produce many different drug candidates

28:31 that we can, again, partner and monetize through partner through pharma collaborations. So very excited with this. The one key thing, I think the advantage with the team at one three is that they can prioritize drugs that have existing phase one safety data. So a lot of the risks in farmers in the preclinical stage, whether they're trying to identify drugs, once you put them into humans, they may have, you know, a short half life in humans. They may have an unexpected side effects. But these are targeting drugs that have already demonstrated safety, and now we're repositioning them into a new disease and a new new pathways. And that's exactly what we've done with POLB zero zero one where we've used this p thirty eight inhibitor to hit severe influenza that hadn't been identified before. So we're expecting this to be as I say, these are using supercomputers and and impressive algorithms. So we should have data reading out before the end of the year, probably in q three about what what new targets we should be pursuing and what new drugs we should be in licensing. So very exciting, program here. And we won't stop there, though. We've got other ideas using AI to look at flu and to look at, SARS CoV two that we also have access to. So, I mean, a fantastic, exciting time for for POOLBEG in that we have all of these programs in house to push forward. But as I say, from a an AI standpoint, a lot more potential to interrogate this dataset looking for new targets and and pathways.

29:52 So I think I'll wrap it up there. I think that kinda covers and say it's a whistle stop tour of the activities that we've been doing over the last seven months. The we're very excited about, how 2022, holds, and beyond. And as I say, getting the human data, early and often is what we, what we plan to do. And of course, from there then, we'll we'll start the parking process and revenue generation. So again, thank you for your your time. And as Carl said, we'll we'll leave plenty of time for questions. That's great. Jeremy, Carl, thank you very much indeed for your presentation and for updating investors this evening. Ladies and gentlemen, please do continue to submit your questions using the Q and A tab situated on the right hand corner of your screen. But just while Carjal and Jeremy take a few moments to review those questions submitted already, I'd like to remind you that a recording of this presentation along with a copy of the slides and the published Q and A can be accessed via your Investor Meet company dashboard.

30:44 Karl, if I may, obviously, you had a number of pre submitted questions, and you've received a considerable number given the attendance on today's call. So perhaps if I may hand back to you to read out those questions and respond where appropriate. Yeah, Mark. I'll do I think there's seven presubmitted ones here, so let me have a stab at the first couple that's here who's addressed the call. Let's start. What is the estimated time that the funds within business will last based on the current cash burn rate? I actually hate the word cash burn because burn, like, light the foreign burning cash. And that's where we try and conserve cash and make sure it lasts a very long time. So we sit at the IPO. We were never coming back to raise funds again. So I think that's how long this last, and somebody says, never is a very long time. So, yeah, what we're gonna do is look very much.

31:35 It's like evergreen funds. As we out license, we rotate the cash back in, and that's what Evotec and Jeremy I keep banging on with Evotec, I think people realize one of our directors on open orphans on the board of Evotec super, Elena Sullivan,

31:51 She sees exactly Evotec took the market cap from 300,000,000 five years ago to 7,000,000,000. That's about 15 x uplift. If we do a fraction of that, we're doing pretty well. So I think this question, how long will the cash last? We said we weren't coming back. We said we're very different to convention. There's nothing wrong with conventional biotechs. We just like lots of products, and we don't like burning cash because I think that's a bit silly. So, hopefully, that's the answer. We're gonna make sure the cash we have lasts very long time because we're gonna recycle and recycle. And I think people don't realize how quick we could turn around today and a number of our assets. We could raise quite a few million. We don't need it. We've got over 20,000,000 in bank, but we needed a few million quickly. We could sell some of the noncore, some of the our core markets, the EU, European, Britain, and North America. So we're really European and North American rights. We retain those. That's what the big bucks are. But then we've lots of other rights. People want the rights to India. We can sell them rights to China.

32:49 We can sell them rights to Japan and Korea. So yeah. So we can so that we can get those rights. We could raise couple million literally within weeks to do that. So that's where. Second question. There's been frequent mention of a Nasdaq listing. You think this is possible with a company the size of POOLBEG? My plan is always get big quick, so let's see how quick we can get big. To be on Nasdaq, you're kinda crazy going unless you're a $100,150,000,000 market cap, I believe. Bear with us. Watch this space over the coming months. And I think I've said Nasdaq within the year of the IPO or eighteen months. So we would I think Nasdaq's definitely but, no, we'd be mad. So how we're going? Step one, dual list. That's happening imminently six, eight weeks away.

33:37 And then later this year. So we absolutely

33:39 and there's two ways in Nasdaq. We go for the normal listing, or we do, like, our friends in Amrit where I was a cofounder as well. They acquired a company, so you can go in by acquiring them. That's my roots is doing deals. Organic growth's a hard, long road, and I'm 57, so I don't wanna be on this hard, long road. I want to try and make money over the next two or three years. Everything should be you you're a success or failure on a two or three year window. So yeah. So Nasdaq, absolutely. We can't put an exact time frame on it, but we did say twelve or eighteen months of IPO. So that gives us to later this year. Third question.

34:18 We've seen the positive news of the expansion of the portfolio. So why has there been substantial selling of the shares, presuming presumably from your institutional backers, question mark. There appears to be to have been no reason for the six months lock up lock up of open or open shares as to how the stakes can be that properly. Yeah. So I think what you're saying here is positive news. Yeah. We've we've done it, and we've got four different asset sets now when conventional biotechs have one or two. I made it clear to Jeremy, we want three or four more in in the weeks, months ahead. So lots of assets coming. Why are they selling? That's a good question. Look. Why the the the market? We could

35:01 blame the market or anything else. I think, being honest with you, I made mistakes. Good to say a mistake. Because I said, when we give free shares, the question is, do you lock them up at all? Do you lock them up for three months? Do you lock them up for six months? Do lock them up for twelve months? If I do it again, we would have kept probably a certain chunk of the open orphan dividend species on the open orphan balance sheet so we could control release some out to the market. And if we do it again, I don't think we'd lock it up more than three months. I think if the lockup period had expired, August, September, October, don't think there'd be a wholesale sell off. I absolutely convinced it will not be a sell off, but we've got to wait till the April 19. But I said we're gonna have a good number of very positive mitigating factors between now and the April 19.

35:48 So who's selling? It's clear

35:51 institutions, believe it or not, because we can watch those carefully, institutions bought in for this roll of the dice. Can we get big fast? Can we we're not gonna come back to the market. So I think with quite a few people who came in around the IPO, bought them at ten p. Shares went up to eleven or twelve, thirteen p at one stage. People bought then. I think what's happened then, some people didn't quite understand our model and just, you know, need cash dumping them. So there has been people dumping them. And then people also get into their headship, bought these shares at nine or ten p in the market or eleven p.

36:23 All those free shares are coming the fourteenth. They'll probably go down to two, three, four. We don't there's absolutely no way I think we'll go anywhere there. People get free shares. You will pay tax when these free shares are sold, so I don't think so. So I don't think it's an institution so we can see those. We monitor the share ratio. So I think it's genuine people who came in. And if you look at the liquidity, there hasn't been a huge number, and liquidity is the thing we're dealing with now with the OTC. So if we do it again, we lock people for three months, not nine months, and there will be more deals. Yeah. So yes. I think if we do it again, we should lock people for three months and let the market. I think the nine months gives people too long to think about it. The fourth and final question, I think, directed to me, and then we've got a good bunch of questions coming in here as well. We'll deal with that.

37:11 Some brokers, and this is a really important one. Think I need to answer this one, including interactive investors, have said that restrictive locked up shares in POOLBEG arising from the open office bidder are not ISA eligible. We'll have to be moved out of ISAs. Deadline for interactive investors instruction is the March 9. Please, can you come and call? Well, I think what's happening here, we we we're going to get the bottom of this in the next few days. I think we can fix this. The biggest confusion is the reason the ISAs can't hold them because they're not in your ISA account.

37:43 None of these shares exist at the moment. They're all held in a DAC, Beechcroft nominee account. So any of these who are looking your ISA account or any online broker who says, we can't hold them. There's a simple reason. They haven't got them. But none of these shares will be anywhere till the nineteenth. And then ISA's rights in you can't hold restricted shares. When we deliver the shares in the nineteenth to ISA, they're not restricted. They're normal shares. So quite a bit of this is unfortunately I know, hands up, we we probably should have got the botanist earlier and sooner, but

38:15 we have time. So the confusion is you can't have locked up shares in the ISA. Well, we are not putting them into ISAs locked up. They will go into your ISA when they're not locked up. So I think there's there's quite a bit that's just lost in translation, but let's get this confirmed in the next week or two to you. We will talk and explain to interactive investors because, yeah, naturally, you can't put a restricted chair in there. But the reason they're restricted is we're holding them in DSC, Beechcroft nominee accounts. So hopefully, I'm answering that and that when they're not locked up, then they go into your account, and they can be traded as normal shares. The issue is quite a few of the online accounts can't deal with restricted. What's what's it mean restricted?

38:58 And so let's get to the bottom of that, but I know the biggest confusion is there is no shares that go into these accounts. That's why you can't see them. They're in. This is what I mean. This is the people who got the free open orphan dividend shares. So any of you who are listening tonight who bought from the market, don't worry. This confusion is the people who got the free spin out shares. So, hopefully, I've answered that. But we will get the bottom up. We're gonna talk to all the individual brokers that this problem has. But, generally, I think where the confusion is is a bit like sometimes lost in translation, whisper whisper. ISA can't hold a share. It's restricted. They'll only go to your ISA account when they've been unrestricted. I keep emphasizing for most people, and there's a lot of online comments about it. Oh, we can't hold the shares. Where's my shares?

39:48 I can't see them. But they're sitting in DSC nominees that will be unrestricted and delivered to everybody's account after nineteen. So, hopefully, that answers that. So maybe I'll hand over Jeremy. You've got three questions. Have you got them front of or do need to read them out? I have them, Kyle. I have them. Yeah. Perfect. Alright. Thanks, Kyle. Yeah. So, the first question for me, how are drugs like POLBEG zero zero one valued by pharma when they make deals with companies like POOLBEG? And is it valued like a company, or is it different? So it's, again, a a good question to say POLBEG zero zero one is one of our pipeline programs. What pharma look for, and I mentioned this earlier on, is the further along the development path where you are, the greater value, pharmacies for this. You're derisking your program. So what POLBEG will do is bring this forward, derisk it, get human data, and there's actually a jump, you know, to derisk, level and the the value inflection point is quite significant. So they treat it as an individual program.

40:44 And typically, of this matter for pharma is we mentioned earlier on, you get a a substantial upfront fee. That's kind of a reward, you could say, for, you know, for the work you've done thus far at a premium, but it also they get access to the the data, the product, the intellectual property. And then what pharma does is take it forward from there. I think a really good example fresh in my mind is the last company I worked with, InfraZone, where we had phase one data in healthy volunteers, and we had data from one patient that showed that the drug was effective in one patient, so nothing statistical. But that was enough for Roche to acquire the company because they wanted to design their own phase two trials, and phase two looks at efficacy and safety, and then progress it into phase three trials. They could decide which indication, which disease they go into. So pharma like that control. So you've done the early heavy lifting to derisk the program, and then they take it forward. They'll move it into the clinic. And what happens to POOLBEG then is we'll every time, you know, pharma goes into a phase two trial, we get paid. So they take on the risk.

41:43 They take on the the the burn the burden of, the the cash burn. We get paid as they move forward. And, of course, bring it to the market, then we get a royalty from that as well. So we get a percentage of their sales. Of course, those numbers need to be negotiated. But I think the beauty of POLB zero zero one, and again, similar to infosome, it has the potential to go into multiple diseases. So it's not just one disease or one trick pony for one disease. It has the potential to go broad. So every time they go into a different disease, we could, you know, potentially get a milestone for that. That's where pharma like to work. So it's an individual program they'll partner with. And, you know, it hasn't escaped our attention that, you know, if they like one program, they look at another program, look at another one and like all three, they could kinda step in and just take the take the lot. And that that's where we have good dialogues and discussions with with pharma around those potentials. But they'll likely start with one program and potentially go broader, which I think is a nice segue into the next question, which is probably a bit trickier. Can you give any expected value from your five different vaccine candidates? So just to be clear on this, the the Meliovac that we have an option for for University College Dublin, they're finishing up some toxicology studies here, which would be the trigger for a license. So, again, everything seems to be pointing in the right direction that that will happen.

42:55 But, professor McLean, who's worked on the, the for for many years and has done a terrific job, is also working on other bacterial antigens. So her her approach is to look at which parts of the bacteria stick to the human, stick to the lung, for example. And if we can use them as vaccines, then the immune system will spot them. So she's got programs, and I won't list them all out, but things in in Klebsiella pneumonia and things like pseudomonas aeruginosa. These are kind of things I can say cystic fibrosis sufferers would suffer from. So she's got now these are earlier. Some of them, she's just identified the antigen. Some of them, there's pre preclinical data, and some of them are much more further along. There's a really interesting antigen for E. Coli that that causes some issues. So it's hard to put a value because of their stage development, I think what's important for POOLBEG is that we work closely with professor McLean and watch the progress.

43:45 And then when we like when we see the data that we like, we can we can step in and add it to our pipeline. So I think we're quite fortunate. So an actual value is difficult, but as you say from a from a scientific standpoint and a preclinical standpoint, we'll be monitoring those very closely and seeing what's worth bringing in or not. So, again, these are, again, how collaborations work and work well. And the third question for me, you mentioned we can expect results in twelve to eighteen months per vaccine, I guess, per therapeutic depending how far through the POLB zero zero one process are we and do the twelve to eighteen months start after the trial in June, or did the clock start last year? Okay. That that that comes in various stages. But the twelve to eighteen months, just to to explain, is how long it takes to get that human data. So we've talked about POLB zero zero one. They said we're starting the the human challenge studies in June of this year, and the data will be reading out three to four to five months after that. As I said, these are kind of a lot of analysis goes through, a lot of data goes through, a lot of reports and analysis and statistics, etcetera, etcetera. So once we have that in hand, you know, that's where we go and talk to to pharma about POLB zero zero one. Here, we have a drug we believe has potential to play a role, a significant role in severe influenza and beyond.

44:55 So that's the kind of time frame. It's like having that human data. And we did talk about, you know, the the Meliovac, for example, and the University of Warwick asset. They're late preclinical, so there's some manufacturing to do there. But as soon as you have that human data so that's where the twelve to eighteen months comes in depending on the program. As soon as you have that human data, that's where you're, you know, you're having the deeper discussions with pharma. As mentioned earlier on, you're you've already had the pre discussions. You've teed them up of kinda what you're doing, what your strategy is, what your trial design looks like, and what's the data you're expecting. And then they're ready to go as soon as the data comes out. So it's a it's a continuum, let's say. And each program is slightly different, so they'll be a little bit staggered. But all of the, the discussions, let's say, we'll, once we have that human data, that's where we get into the the deeper dive with our pharma discussions.

45:42 So there are my three questions. So, we can, take a look at, what's on the you know, what's been sent to know tonight. Jeremy, thanks. What I might do is we were we can say them. Unfortunately, I don't think the public can say them, but we we we rattled through some of these inbound questions with TikTok between myself and Jeremy. First one's from e n j. E n j said, when is the first sustained commercial income expected? Look. I think the clear answer to that and maybe the confusion is Jeremy said we'll start the the first trial later this year. We're starting our four zero zero one trial in June. The trial lasts three or four months. We're gonna update that later this year. So the trial will start pretty darn soon. And as soon as we have that trial data, that's when we should be negotiating for some commercial income. And separately, instead, if we really need commercial income anytime in next weeks or months, we can turn around and offload sell for fairly serious cash country by country. The trick you learn here around this industry for quite a while is lots of small biotechs just sell them off non core rights to one company.

46:47 You sell a non core rights to each country individually. You sell them to India for a product. You sell them to China, Korea, Japan. You can even sell off the road ride specific to Brazil, and then you go through the Middle East, Qatar, Iran, Saudi, all different countries, cash each time. So that's the question. First commercial revenue, we can do it right away. We've we've got tons of cash at the moment, but the beauty of it is we are a self sustaining business model. Second question, mark p. Which Schroeder funds hold POLB? To be honest, I'm not sure we can find that out from Schroders, but looked at the it's in the Schroders fund. There was a little bit of confusion at the early doors that Schroders took a four and half percent stake. Somebody went in holidays.

47:33 And when the fund manager accidentally bought some extra, and we popped through 5%, and it went back down again to four and a half to get rid of them. So people were panicking when they saw short saw the shorters, but there's four and a half percent stake, and it hasn't moved a single iota. If it moves down, shorters are self left to report it. Mhmm. Next one, I think, Jeremy, one for you, Robin d. When do you expect? That's a good one. Sign a definitive again, it's a really good question I mentioned in the presentation. Sorry. The question is when do you expect to sign the definitive licensing deal with UCD for Meliavac, and how many of the five earlier stage products from the same group do you think we may license? I may have answered that already, but I said we're waiting on a on a an important tox studies readout. The signs are positive. But, obviously, from our diligence standpoint, we wanna have great comfort that there's nothing untoward. And I think that if if that comes back clean, then we'll discuss that. And we're doing, you know, pre discussion talks on that already, you know, with with the UCD colleagues. As for the number of other programs, again, it all is data dependent and timing dependent. They're all at different stages.

48:37 So if the data comes back good and positive from the preclinical studies, then it's it's a no brainer to to license and push them forward. So that's on the on the MELIMAX. Next question. I think it's an interesting one. A Kentaro one. What is the moat POOLBEG has? What is to stop a bigger company with deeper pockets to come in and provide the same service? Yeah. Good question. And it's getting us with this still. It's gonna take us a little while for people to understand our model. We don't provide a service. We acquire IP. We acquire the rights. Infectious disease was Cinderella industry for a long time. People big pharma didn't want to do it, so we're hoovering up rights. Say, we've been around there six months, and we've spent couple 100,000 upfront on one of the one of the products. But we bring them through. We have our experts. We're good at our license. We're good at dealing with pharma.

49:27 And it's not really a service. So we take a big pharma, and I'm not sure big pharma are good dealers or putting these deals together. They tend to take years where we might take weeks or months. So the motive is we move fast, requiring a lot of rights, and we're simultaneously out licensing, generate some data. So I think that's hopefully, I understand the moat is we're moving fast, and there's nobody else doing what we're doing. It's actually ironic. We're we're not facing competition. So, hopefully, that one. I I think, Colin, if I if I could add to that as well, that's, you know, that's well answered. But I think, you know, part of the challenge is, like, pharma are always busy doing what they're doing. And that was my point earlier on about that graph is that they look externally. They look for, you know, pharma or, you know, small pharma biotech companies to do that early derisking so that then they can bring it to their pipeline and fund it. So we're doing the earlier stage derisking of the of the programs for pharma. So they could do it, but it's their their bandwidth is full with all of the other programs they're running. So, again, everything is is is data driven from a pharma standpoint, so that's what we plan to generate.

50:30 Jeremy, probably next one, Sparky, Jay. That's one for you, maybe. The nondilutive grand file. When will POOLBEG receive the first nondilutive grant monies? What approximate amounts are we looking at, and what are the sources? Thank you too. Thank you for the question. Yeah. We've already submitted right now. I won't talk about the sizes of them, but, you know, we've we've submitted one here in Ireland. We have a meeting actually tomorrow with a a grand funding organization that we're working closely with. We're looking we're we can look at The US, you know, for the likes of BARDA and DARPA who fund a lot of these infectious disease areas. The melioidosis in particular is high on their priority list because they see this as a potential for biological warfare. I talk about, you know, the tropical, subtropical where people, you know, accidentally, you know, encounter melioidosis and then suffer from it. But because it's such a a robust, bacteria, there's concerns, you know, the threat for a for a bio weapon. So there's funding for that, and that could be significant. If you if you look at, you know, companies that were funded for COVID, for example, that was in the tens of millions that they were getting funding to kinda move these things forward rapidly. So we say we're in flu and million doses, for example, with and other viral diseases. There's a lot of nondilutive funding out there. We can we can get to actually fund our clinical trials. So we said we have one submitted, so we're waiting to hear back on that. But, you know, we're meeting with our our grant funding team tomorrow to to to push forward on all other options and other opportunities.

51:56 I'd probably answer this as a almost as a plant. David, how many people do POOLBEG employ, David? David, great question. Here's the difference. Very few. Thank you. For facts are right, Jeremy. Jeremy is probably the only full time employee we have. Is that right, I think? Yeah. Maybe We're all we're all working a 120%, Kyle. Yeah. But no. Look. The reality of what we're doing, this is how biotech should be. Lots of virtual. Most of the rest is a two jobs. So we're only billing POOLBEG half or so. Right? Which is great. I'm in the open orphan office here in London. We've we've got POLBEG PLC in the office as well. So we can avail if we can get some with one of the scientists that's most sought after scientists, a statistician, biostatistician here in open orphan. He's been with us for twenty five years in London. We get him for half a day a week or one day if we need him. So, yeah, very few full time staff, half a dozen or so part timers. So that's why the cash burn will remain low, and we reach out and get more as we need them so that that's the way a company that should be run. We don't intend to hire in a big army of people. Yep. It doesn't take rocket science within a part time lawyer.

53:06 And we've actually what actually, we're a full time finance director. And CFO because we want to watch that money curve if we're doing deals. So, yeah, not not a whole host of people. So I I think importantly, Carlos, you know, we're you know, again, I I hark back to to influence on where we had 15 people and, again, acquired for 380,000,000 by Roche, but we outsourced a lot of our, you know, required work. And there are a lot of companies out there, you know, contract companies that will do the manufacturing, that will do the regulatory work, that will do the clinical trials. You don't need to to to recruit, you know, ten, twenty, 30 people to do these studies or people out there. You you know, you need them for three or six or nine months, you know, on a consulting basis. So we keep the, you know, the the FTE, you know, cost low and have the external experts then, but, you know, push the programs forward. Very standard is kind of, you know, semi virtual model in the in the biotech industry.

53:54 Jeremy, I think the next one from Mark pays for you because I'm not sure on the I'm not sure either. Why are you stats guys in The US? Maybe I'm misspoke or maybe it's misinterpreted. I'm not too sure. I mean, we you know, the clinical trial maybe that we're running is is based in in The Netherlands. Again, these people have expertise in the trial type that we're we're trying to run. You know, some stats kinda come in from there. I get I hope I'm not misinterpreted the question, but, you know, we do you know, there's a lot of work goes on in The UK, you know, but wherever the expertise is, we can we can tap into it there. So apologies, Mark, if that doesn't directly answer the question, but I'm not sure what it's pointing to. But as I say, it's it's a global industry. You kind of yes. You stay local, but if there's expertise elsewhere, you you you can kinda reach out and and access that as well.

54:42 Jeremy, next one for you as well. Next one for the the, yeah, the, again, is a is a good question, and a terrific amount of work has been done. There's been two a paper published last month of one, two years ago. So that's all ready to go. We're talking about GMP manufacturing right now. So there is kind of non GMP manufacturing already done, so there's a manufacturing process in place. And there's GMP manufacturing, discussions ongoing right now. So they're at that stage where, obviously, just to explain, GMP manufacturing needs to be done as a higher level, a higher grades of manufacturing before you put it into humans. So that has to be done. And that's usually like a a six or nine month process. So we're we're looking at 2023 for for a phase one study there for the for the as it stands right now. So, again, a terrific amount of work done, so we'll get those discussions up and running. And then maybe I might take this one almost like a plant. Ryan M.

55:32 Any possibility of a clinical trial for a combination therapy with POLBELT zero zero one and Immutex flu v? Well, dear god, if you talk about a biotech company that's taken for I don't know if the swear word, ever to do anything, that's Immutex. We've, unfortunately, a 49% stake. We don't control the damn thing. Other group have 51%. We've done our best. It's breaking my heart. It's damaging the share price to open up. I promise to offload this noncore asset, and, oh, boy, is it hard to shift. So I'm struggling to get a bar while we're only at 49% because the 51% kinda want to not sure why they want I hate to want to be sitting in a in in some sense. So IMUTEX, Brian, to answer your question, is there a possibility of a clinical trial combined zero zero one IMUTEX?

56:27 No. Absolutely not. That's because I think just god help us if they've around ten years. They had some of the most sexy, exciting flu vaccines, mosquito saliva vaccine. And, yeah, look, it doesn't appear to be happening. So I think if I'm not able to shift it, there's there's almost a sense shifting like a piece of something of a shovel. Got I don't think Germany would really want to drag it throughout. Anyway, so all I'm saying is no. I don't I don't think I don't see it either. Yeah. I mean, two two different methods of action. I can see the logic, but running combination clinical trials where both throw neither drug has been approved, that's that's, you know, almost impossible. But, McCollum, I'm conscious of time here. Maybe we'll finish up on this last one.

57:14 Are POLB able to deliver develop, apologies, several assets at a time, or are they concentrating on one at a time at the moment? We can do several questions or programs at a time. Again, they're a little bit staggered, you know, while some are heading towards clinic. Others are kinda wrapping up manufacturing of these kind of things. So we have the potential. We have the team. As I say, we use a network of external consultants as well to help these moving along. So I think the one of the expertises of the the POOLBEG team is in project management and managing that these things are moving forward in parallel so one doesn't, you know, fall down the other. So, you know, that's the the question for that. As I say, we we have the bandwidth right now to to kinda build out the pipeline and and let it run. Mark p, thank you. Thank you for that. Sorry. Let's let's wrap up. Mark just sent it in. The one three Biotech is a US company with a base stats guy at the top. We have lots of them here.

58:06 Alright. Fair point. We you know, we've talked to to one three about our datasets. They do have a unique approach. You know, each of these AI artificial intelligence companies are slightly different. What we liked about the, the New York guys was that not only will they identify targets, from the dataset that we have, but they difference to a lot of companies go out and actually file the drugs that hit those targets and drugs that have been through the clinic and drugs that have demonstrated to be safe and well tolerated. So it had a little bit of extra cherry on top, but they're really good guys to work with. But point taken, you know, Simon, we get appreciate the the explanation there and apologies for for not fully understanding it previously. Jeremy, Jeremy, Carlisle might just jump in. Perfect timing as we come up to the hour, and you have addressed pretty much most of the questions that have come through from investors.

58:52 So thank you to everyone that's taken the time to submit questions this evening. Carl Hill, I know investor feedback, and, Jeremy, investor feedback is important to the company. Yep. And I will shortly redirect investors to provide you with their thoughts and expectations. Thanks. Perhaps before doing so, if I may, just ask for a few closing comments just to wrap up with. Yep. Over to you, Jeremy. Yeah. Listen. I I remind, the the the listeners, the investors, it's been seven months. We've hit the goals that we've set out to hit. I think we've got a very bright future ahead of us. We've now building momentum. That was one of the, the subheadings, let's say, of our r and s this morning talking about our our our updates or, you know, financial statements. But there's a lot of good times ahead. Carl is right. We're disappointed where where the stock price is, but I think that, you know, we've demonstrated we have the capabilities.

59:38 We have the the team behind to execute. I think we will see things turn around. I think it's been a challenging time for most investors in the first, you know, months of the year. But as I we're hoping to see a turnaround right now. And, you know, we we have lot of news flow coming as well as the progress progress, but a lot of deals to be done as well. So I I think it's, you know, a terrific time to be investing in in infectious diseases in particular and and in in POOLBEG, specifically. That's great. Jeremy, CAHIL, once once again, thank you so much for your time this evening. Ladies and gentlemen, could I please ask you not to close this session as we'll now automatically redirect you for the opportunity to provide your feedback in order that management team can really better understand your views and expectations. This will only take a few moments to complete, but I'm sure will be greatly valued by the company. On behalf of the management team of POLBEG PHARMA PLC, we'd like to thank you very much for attending today's presentation.

1:00:27 That concludes today's session, and good evening to you all. Thank you for your time.