Sareum Holdings (LSE:SAR) — AGM Presentation and Q&A

0:01 Good morning, ladies and gentlemen, welcome to the SAREUM HOLDINGS PLC AGM presentation. Throughout this presentation, investors will be in listen only mode. Questions are encouraged and could be submitted at any time by the Q and A tab situated on the right hand corner of your screen. Simply type in your question and press end. 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 Investor Meet company dashboard. I'd also like to remind you that this

0:32 presentation is being recorded. Before we begin, we'd like to submit the following poll. I'd now like to hand you over to Tim Mitchell, CEO John Reeder, CSO Clive Birch, NED and Stephen Parker, Non Exec Chairman of SAREUM HOLDINGS PLC. Good morning. Good morning, everyone, and welcome to the Annual General Meeting of SAREUM HOLDINGS PLC. I am Stephen Parker, Chairman of the Board. A quorum being two members is present, and therefore, we may now proceed with the business of the meeting. Because of the extraordinary times that we are living in, we are unable to interact with shareholders in the usual manner for Annual General Meetings. I will therefore read through the resolutions together with the votes received and then provide the opportunity to shareholders to post questions on the IMC site, which directors will endeavor to answer during the meeting.

1:22 Any answers which we have been unable to provide immediately will be posted on the company's website within the next few days. I would now like to introduce the board. Have present in the room, we have Doctor. Tim Mitchell, CEO Doctor. John Reeder, CSO Clive Birch, Non Executive Director and Chair of the Audit Committee. On the line is Doctor. Mike Owen, who is the Non Executive Director and Chair of the Remuneration Committee. And we're also joined by Tony Bahn, our company secretary. I would now like to start the formal proceedings of this Annual General Meeting. The notice of Annual General Meeting was posted to shareholders on the 11/18/2020.

2:09 Accordingly, the requisite notice of the Annual General Meeting has been given. I propose, therefore, that the notice of the Annual General Meeting should be taken as read. Before proceeding with the formal business of this meeting, I will now read a statement, which was issued to the market this morning. The past year has been a challenging period for many people and companies. We are however pleased to report that SAREUM has adapted well to the new working conditions and constraints imposed by the COVID-nineteen pandemic. The company has made good further progress and has seized an opportunity to obtain government funding to investigate one of its drug candidates as a potential treatment for COVID-nineteen. Our key focus remains on advancing the development of our two TYK2JAK1 programs, namely SDC1801 targeting autoimmune diseases and SDC1802 targeting cancer.

3:04 For SDC1801, which is our near term focus, we conducted and completed initial toxicology studies in rodents demonstrating excellent tolerability and established manufacturing process. In recent months, we developed a new formulation specifically designed to deliver higher exposure levels of the molecule, which we are now testing in additional toxicology studies with a targeted completion date early in the New Year. Data from these studies will form part of the planned clinical trial application, which we aim to submit for the first quarter of twenty twenty one. And if approved, would allow the start of clinical studies with SDC1801. This would clearly be an important milestone for the company. In addition, in December 2020, we were granted GBP 174,000 by the UK Research and Innovation to investigate the therapeutic potential of STC-eighteen oh one in severe phase COVID-nineteen.

3:58 The project began immediately and is expected to take approximately six months to complete. Our aim is to investigate whether treatments of cells infected with SARS CoV-two with SDC1801 can block the overactive inflammatory response known as a cytokine storm, which can become life threatening for patients. The scientific rationale for this project received a significant boost by data published this week in nature by last week, excuse me, in nature of DNA studies from severe COVID-nineteen patients that indicated TYK2 to be a key gene involved in causing the cytokine storm that leads to progression of severe disease in patients. Our projects will also investigate if treatment with SDC1801 in disease models can reestablish protection against bacterial pneumonia following SARS CoV-two infection.

4:49 Positive results from these studies may also highlight the broader potential for SDC1801 as a treatment for severe and life threatening inflammation that can occur with other viral infections. We look forward to reporting the outcome of these initial studies in the second half of twenty twenty one. With regards to our second TYK2 JAK1 inhibitor candidate, SDC1802, formulation work for oral dosing was completed during the year and toxicology studies and further manufacturing work continue. During the year, SAREUM presented new findings showing that SDC1802 dosed orally as a monotherapy and in combination with chemotherapy significantly reduced tumor growth in models of solid tumors and blood cancers. This adds to the growing evidence of the potential of SDC1802 in cancer and we continue to progress its developments behind SDC1801.

5:43 Turning to our license programs. In March 2020, we announced a global licensing deal for our FLT3 aurora kinase inhibitor targeting blood cancers with a China based specialty pharmaceutical company. SAREUM received an upfront payment and is eligible to receive an additional approximately £900,000 dependent on certain milestones being achieved by 2021. And the company will provide an update in this regard in due course. SAREUM is also eligible to receive a further development based milestone and revenues on the commercialization of any products resulting from the agreement. Development of our licensed CHECK1 inhibitor, SRA737, over the past eighteen months has been frustrating for the Board. This is because following the presentation of promising data from its Phase onetwo trials in June 2019, the license holder Sierra Oncology put forward SARE put further SARE-seven thirty seven developments on hold while it explored options to fund this development.

6:46 In November 2020, Sierra and the CRT Pioneer Fund agreed an amendment to the license agreement that reduces the aggregate outstanding milestones from up to $319,500,000 to up to $290,000,000 including a milestone payment of $2,000,000 upon the dosing of the first patient in the next clinical trial of SRA-seven thirty seven. SAREUM continues to be eligible for 27.5% of the economics of the CRT license agreement as amended. And while the aggregate level of milestone payments is reduced, we are confident that this amendment will expedite the SRA-seven 37 program advancing in a more timely manner. We continue to believe that based on preclinical and early clinical data, SRA-seven 37 holds great promise for the treatment of cancer, particularly in combination with existing treatments.

7:42 We will provide further updates on progress as and when Sierra make further disclosures in relation to the developments of SRA-seven thirty seven. Turning to business development, which is critical to the company's strategy of partnering its assets at late preclinical or early clinical stage by balancing the cost versus risk returns implications of its individual programs. The company continues to actively engage with potential partners with a view to securing commercial licenses for its TYK2 JAK1 program. We will, as usual, keep shareholders updated in this regard as appropriate. In its fiscal year ended 06/30/2020, SAREUM reported a loss after tax of GBP 990,000 versus a loss of GBP 1,450,000 in 2019.

8:30 Cash at the period end was GBP 1,800,000 versus GBP 1,000,000 as of 12/31/2019 and EUR 200,000 as of 06/30/2019, reflecting the company's careful management of its cash resources, including the voluntary salary deferral scheme entered by all directors in December 2019 and updated in July 2020. In June 2020, the company successfully raised GBP 1,020,000 in gross proceeds through replacing by HybriDINGS in conjunction with an offer via primary bid and received an R and D tax credit of GBP 230,000 in January 2020. These proceeds are enabling SAREUM to progress further into TYK2 JAK1 drug development programs as well as providing support for working capital purposes.

9:22 The Board continues to actively monitor the working capital position of the company and has taken steps to maximize the cash runway to ensure that the two TYK2JAK1 compounds are prioritized and adequately resourced. In summary, the Board believes that against the backdrop of the COVID-nineteen pandemic, SAREUM has made good further progress with its proprietary TYK2JAK1 programs. We have we now have the exciting prospect of submitting our first CTA approval in the first quarter of twenty twenty one, a key step in allowing the first in human studies with STC1801 to begin. In addition, we have executed an out licensing deal for our FLT3 aurora kinase inhibitor. We also recognize that the recently amended deal between Sierra and CPF on SRA-seven thirty seven is a key step in restarting the clinical advancement of this promising asset.

10:15 In this year, more than any other, I would like to thank our shareholders, suppliers, contractors and other stakeholders for their continued support and look forward to providing further updates on progress as we move forward in 2021. Before we turn to the resolutions, I would like to say a few words about procedure as this will necessarily differ from previous years. I will propose each resolution in turn having briefly summarized its content and I will then read the results of the votes received. The directors will not answer questions relating to the individual rights of shareholders. Any shareholder who wishes to raise such a question should communicate with me or Doctor. Mitchell by e mail following the meeting. I shall move on to the formal business of the meeting and will now recite the resolutions.

11:02 The full text of each of the resolutions is set out in the notice of Annual General Meeting, a copy of which is on the company's website. We will also put this up as slides as we go through. Resolutions one to six were proposed as ordinary resolutions, each requiring a simple majority of the votes cast to be in favor in order to be passed. Resolution seven was proposed as a special resolution requiring a majority of 75% of votes cast to be in favor in order to be passed. Each resolution received a total of 2 and 36,933,730 votes, which represents 7.25 of the total shares outstanding. Resolution one, I proposed Resolution one in the notice of Annual General Meeting as an ordinary resolution to receive and adopt the reports of the directors and financial statements for the financial year ended 06/30/2020.

12:02 Proxy votes have been received as follows: in favor, two and thirty six million five hundred and thirty nine thousand three hundred and thirty five none in discretion against 76,912 and withheld 317,483. I thus declare the resolution carried by the necessary majority. Resolution two, proposed Resolution two in the notice of Annual General Meeting as an ordinary resolution to receive and adopt the Remuneration Committee report for the year ended the 06/30/2020. Votes have been received as follows: in favor, 125,264,050 against 2,946,682 and withheld 8,722,998.

13:04 I thus declare the resolution carried by the necessary majority. Resolution three in the notice of Energy General Meeting is for reelection of myself retiring by rotation under Section seventy six and seventy seven of the Articles of Association and who being eligible offers myself for reelection as a Director. Votes have been received as follows: in favor, 125,888,456 against 10,980,647 withheld 64,627. I thus declare the resolution carried by the necessary majority. Resolution four in the notice of Annual General Meeting is for the reelection of Doctor. Tim Mitchell, who retires by rotation under Section seventy six and seventy seven of the Articles of Association and being eligible offers himself reelection as a Director.

14:03 Votes have been received as follows: in favor, 236,331,048 against EUR 538,055 withheld EUR 64,627. I thus declare the resolution carried by the necessary majority. Resolution five of the notice of Annual General Meeting is to confirm the appointment of Shipley's LLP as auditor of the company to hold office until the conclusion of the next AGM at which accounts are laid before the company and to authorize the directors to fix its remuneration. Votes have been received as follows: 236,450,012 against 433,718, none withheld. I thus declare the resolution carried by the necessary majority.

14:59 Resolutions six. A proposed Resolution six in the notice of Annual General Meeting as an ordinary resolution that the directors be generally and unconditionally authorized for the purposes of Section five fifty one of the Companies Act 2006 To exercise all powers of the company to allot shares in the company and to grant rights to subscribe for or convert any security into shares in the company up to in the capital of the company up to an aggregate nominal amount of GBP 816,009 and 30, provided that this authority is for a period expiring at the conclusion of the company's next Annual General Meeting. But the company may, before such expiry, make an offer or agreement, which would or might require shares to be allotted in such rights to be granted after such expiry and the directors may allot shares and grant such rights in pursuance of such offer or agreements, notwithstanding that the authority conferred by this resolution has expired.

15:59 This authority is in substitution of all earlier authorities to the extent on use. Votes have been received as follows: in favor, two and twenty nine million five and eighty nine thousand four hundred and forty against 7,026,807 withheld 317,483. I thus declare the resolution carried by the necessary majority. Resolution seven, given the passing of Resolution six, I propose Resolution seven to the notice of Annual General Meeting as a special resolution that the directors be and that they are empowered in accordance with Section five seventy of the act to allot equity securities as defined in Section five sixty of the Act, wholly for cash pursuant to the authority conferred by the previous resolution as if Section five sixty one of the Act does not apply to any such allotments provided that this power should be limited to the allotment of equity securities.

17:02 A, in connection with an offer of such securities by way of rights, open offer or preemptive offer to holders of ordinary shares in proportion or as nearly as maybe practical to their respective holdings of such shares, but subject to such exclusions or other agreements as the directors may deem necessary or expedient in relation to factual entitlements or any legal or practical problems under the laws of any territory or the requirements of any regulatory body or stock exchange and b, otherwise and pursuant to subparagraph A above, up to an aggregate nominal amount of 8 and 16,009 and 30 and shall expire on the conclusion of the next Annual General Meeting of the company after the passing of this resolution, save that the company may before such expiry make an offer or agreements which would or might require equity securities to be allotted after such expiry and the directors may allot equity securities of any such offer or agreement notwithstanding that the power conferred by this resolution has expired.

18:07 Votes have been received as follows: in favor, $129,228,970 discretion, $455,000,000, which I will vote in favor against 7,322,195 withheld 382,110. I thus declare the resolution carried by the necessary majority. Ladies and gentlemen, that concludes all of today's formal business. On behalf of the Board, I would like to thank you for your attendance and declare the formal business of the Annual General Meeting closed. In closing, may I thank you for all your ongoing support during this extraordinary year and express the hope that next year's Annual General Meeting will be held under more conventional circumstances.

19:00 I'd now like to hand back to our host at IMC, who will take you through the process for any questions you may have. Thank you very much, Steve. Thank you indeed. Ladies and gentlemen, do please continue to submit your questions using the Q and A tab situated in the top hand right hand corner of your screen. Just while the company take a few moments to review those investor 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 Dashboard on the Investor Me Company platform. Lastly, before I hand back to the SAREUM board, I'd like to remind you that your feedback is important to the company. Immediately after the presentation has ended, you will be redirected for the opportunity to provide feedback in order that the company can better understand your views and expectations.

19:51 Stephen, questions submitted during today's presentation, if I could possibly hand back to you as we had a number of questions that have been pre submitted by investors ahead of today's meeting. Would you please kind enough to read those out and then respond where appropriate to do Yes. I will recite the questions so everybody knows what's being asked and then I will then ask probably asking Tim or John to answer them as appropriate. There have been several questions referring to the company's PR approach and activity. I will just I read one specific question, but we will be effectively covering several of the questions that have been asked in this.

20:38 Many of our shareholders are concerned about the general lack of PR from the company. There is little or no publicity given to what we have. Please can you explain the company's philosophy around PR and what the company's strategy is moving forward in this regard? Tim, perhaps you would like to pick that one up. So we've satisfied with the level and PR advice we get from CDR and our other advisers given the fact that we're a small company and that we're a very early stage in our research. Most of the PR work we do is unseen by investors. It's very much on a business to business level, but aimed at keeping key commentators and other interested parties informed about our progress. The majority of the progress we've made is not necessarily expected to generate news coverage as in the dailies or the DB news given that that tends to be larger companies, obviously, in clinical results.

21:35 And I think particularly at the moment, all the COVID clinical work going on, it's quite difficult for any smaller preclinical company to get their voices heard. So our focus is still on our two lead to JAK1 assets. And assuming that we do make successful progress into the clinic, we'd expect that level of media interest to increase. Thank you. Right. Moving on, can you keep investors informed more often on what is going on, maybe updates in website? I'll just pick this one up because I think it's a straightforward answer.

22:20 We are conscious of keeping up investors updated with key events and indeed as a public company have an obligation to do so. The policy is provides appropriate updates via RNS when there is something to update investors on. And of course, we do have a regular schedule, usually linked to results and this AGM, which provides an opportunity for usually a more interactive session with our investors. One I think for John Reeder, are you developing anything new or just concentrating on what you've developed so far? We're focused really on advancing our two lead molecules, the development candidates eighteen oh one and eighteen oh two, which we think have got a lot of potential across, autoimmune diseases in the case of STT-eighteen oh one and potentially for the cytokine storm that can emerge in COVID-nineteen and then in cancer for 1802.

23:26 And given that, we have to be careful how we prioritize, where we spend the money. So

23:33 we're hoping that longer term as the company develops, and we'll get in additional financing, we will then be in a position to expand that pipeline beyond our existing assets. But at the moment, the focus is very much on the TYK2JAK1 asset.

23:52 Thank you, John. Question regarding the renegotiation of the SRA seven thirty seven agreement. I think it's important that I remind you once again that, SAREUM is not a party to this agreement in any way, shape or form. This is an agreement which is exclusively

24:20 conducted between Sierra Oncology as the licensee and the Cancer Pioneer Fund as the licensor. SAREUM's position here is that we have a separate agreement under which we receive 27.5% of the economic benefits of this deal. But we have no voice at the table for either the original negotiation or its renegotiation this year. Do you want say just add anything to that, Tim? Yes. There's a number of specific points in the question. And if the question holder is online, I'll we'll publish the full question when we finish up later. But there's quite a lot of detailed questions.

25:17 But I think just to cover the main points of that then, as Steve says, yes, have no direct influence over the agreement or its renegotiation. But the renegotiated agreement significantly reduces the milestone payment for

25:32 patients going into the next clinical trials. So I think the well, SAREUM and any potential partners they were talking to saw those milestones as a significant financial hurdle to pass as soon as they wanted to progress the program any further. And with Sierra's noted support on their movelotinib Phase III asset, they

25:56 were looking for ways to ease their way into clinical trials, whether they did it with their own funding or via a partner. So we can't say when the next trial is likely to happen. We haven't seen signs of a clinical plan. But the early data does look very good and combined with the reduced milestone obligation, we hope that the program will be advanced sooner rather than later, but we can't put any exact times on that. Thank you.

26:36 There's a question here regarding licensing intentions. The Board of Directors has stated on a number of occasions that directors will continue to review the potential higher value of a later stage licensing deal versus requirement for any additional funding.

26:50 As recently as the August 2020 trading updates and somewhat tantalizingly, the Board of Directors highlighted a number of licensing deals, noting that license deals significantly increase in value at later development stages. In this context, what precisely are the Board of Directors' intentions regarding the preclinical licensing of STC-eighteen oh one and STC-eighteen oh two versus early clinical stage licensing? Are you seeking to license one or both assets at the preclinical stage? One for Tim, I think.

27:27 I think so. I just lost the yes, so as we stated previously, our strategy is to out license assets that make preclinical or early clinical stages depending on our consideration of the balance between cost and risk versus returns. So I think we look to push the programs as far forward as we thought we reasonably could. But if the right licensing deal came along in the meantime, then obviously we want to take that.

28:01 And so our plan is to now license both SEC eighteen oh one and SEC oh two in line with its strategy in a way that maximizes value for the company and its shareholders. So that could be as individual licensing deals or as two separate licensing deals or we may choose to license one to fund the further development of another. At the moment, we're keeping all options open. You.

28:27 Right. I think that concludes the questions which you'll receive in advance of the meeting. There are clearly several coming during it, which will just forgive us, will quickly scan through and pick out ones which are distinct from the ones we've already answered. Stephen, thank you. And I know you haven't had long to review those questions. There's quite a few that have come through. So do please review those. And I'd like to remind investors as well, the company review all questions submitted today and publish responses where it's appropriate to do so. And, again, if I could just ask you to read out the question ahead of answering, that'd be fantastic. Thank you.

29:24 Right, effectively the questions breaking down in several regarding the research program, which John of course is the expert in answering and some others general more general business aspects.

29:49 Shall I take some of these? Please do. Steve, sorry, there's a number of questions from Paul that I would try to answer. What can the Board tell me about IFNAR2, which was also mentioned in the Nature article? Is this something which signals via JAK1? The answer is yes. So it's the interferon alpha receptor type two. It signals via both TYK2 and JAK1. Interestingly, it was noted that it was down regulated in the Nature paper, whereas TYK2 was upregulated. So, that is interesting. Rolling COVID is probably in fighting the viral infection. So this is something we need to be careful of. If we inhibit interferon alpha that could be a problem, right? We don't want to stop the body's viral defenses. This is why the timing and the research element is critical in this program and something we'll be looking at very carefully.

30:46 There's a question about the government ordering vaccines in advance of it being produced. And do the same opportunities exist for our TYK2 molecule? And do we plan to speak with the UK government? So we are in contact with the UK government via UKRI and as part of the grant. I don't think there's an opportunity for them to order our molecule in advance, But we can ask them. In any event, we are going to have to go through all of the regulatory processes in order to get the molecule approved. There's a question about the necessity of the study that we've just announced we're going to carry on, the grant funded study.

31:33 Is it necessary? Does the paper not tell us everything we need to know about TYK2 inhibition? Unfortunately, the paper has published some very interesting observations. But as the authors note in that paper,

31:49 their observations are going to need developing in the clinic and they proposed a number of molecules, which are already on the market, which could be used to address some of those questions. Very specifically, I suppose the one of interest to us is baricitinib, which is primarily an inhibitor of JAK1 and JAK2, but does have some activity on TYK2.

32:12 And baricitinib is already in clinical trials for COVID-nineteen. It's on the market as a rheumatoid arthritis treatment. There was some positive data published yesterday or over the weekend about baricitinib in combination with remdesivir. So it looks like there's some, traction in the theory, but we are going to have to do our research program to demonstrate that our molecule has a beneficial effect. If it does, we will then take that to ethics committees, regulatory authorities. These people need to see some data before they'll allow you to conduct human clinical trials. Yes, we do have to do our research program. Paul, there's lot of questions here.

33:03 Will answer any of those, but I don't answer here. We'll provide a written response to your question. But just a couple more I can pick up on. Does the formulation for 1801 have patent protection?

33:19 Or do we have to submit a new patent application? We get quite a few questions about patents. And all I'll say is we're not going to say.

33:31 Part of a patent process is when you submit for a patent, you have eighteen months confidentiality before your patent is published. And in that time, you can add to the data, you can amend your patent and it gives you a little bit of protection from the competition so that they can't see exactly what you're doing and try to develop their own programs in competition. So the UK Patent Office is unusual in that it announces that a patent application has been made after about three months and it tells you what the title of that patent is, which is why you'll see patents called pharmaceutical compounds or methods of treating the disease or

34:09 things like that that give no information away whatsoever. So we, as is right, use that eighteen month period of anonymity, if you like, to develop our patents further, which is why we don't really give any information out of those patent that are or have recently been applied for. I think the others I'll answer in written responses, Paul. Thank you, John. There's a couple here regarding the FIB3 Aurora arrangements. The first one, which is I think very easy to deal with, what is the tradies company name that you are keeping from us?

34:53 Well, we are balanced by confidentiality in the agreements not to reveal that name at this stage. I'm sure that as soon as the Chinese partner is happy for us to do so, we will be sharing it in public. And how soon can you expect the updates from the Chinese partner? Well, the expected time scale comes out to January of next year. We have not heard that there are significant delays arising from COVID, but we must always bear in mind that we are in the middle of a global pandemic and it is possible that we will be told that that reporting has been delayed, but we have not as yet heard that. Jim, is there anything you found there?

35:48 I think some of them were there's more questions on and the development of 1801 which I think we've answered. There's a question on, yes, do you have adequate funding to continue to work on existing projects? I think at the time of the fundraise we did earlier this year, we said that the funds raised then were enabled us to complete the studies on at least one of the two TYK2JAK1 programs to get it to a state where we filed for clinical trials approval. There's a question I can take here. Is the government grant sufficient to continue the necessary studies in 1801 taking it to the next stage?

36:40 The government grant is sufficient to carry out some cellular assays and some disease model studies that we want to perform. That will be done in parallel with our own development of SDC1801. And, both studies are funded internally. Good. The question about an update regarding SRA-seven 37. As I said before, of course, this is a matter for Sierra to provide and we will of course ensure that our shareholders are aware of any update that Sierra publishes as soon as they do.

37:28 I see one on K2 molecules. So how many are currently in progress worldwide? How much competition do we have? So I think we do have some. I think if we were this far into the program and nobody else would do it, was working on in the area, we'd be wondering if we were doing something very strange and very wrong. So I think we're happy to see some competition, but obviously don't want too much. BMS have a molecule in Phase III, that's a pure TYK2 inhibitor, so slightly different to our TYK2JAK1 profile. They also have a second TYK2 molecule, which we believe is the Nimbus one that acquired through Celgene merger in early Phase one. Pfizer have a TYK2JAK1 molecule quite similar to ours in a number of Phase two studies.

38:20 They also have a what they call a TYK2. It looks just a little bit more like a TYK2JAK2 molecule, again, in early clinical. And there's one or two others around in preclinical. So there is some competition, but we don't think there's that big. It's too much for us to overcome. Okay.

39:11 There's a question about the critical path to IND. Is there any way to accelerate the start of the studies? So the critical path to IND on the toxicology studies which are underway, I think we're pretty much there in terms of starting Phase one once those studies are complete. Do want to add anything to that? Yes. Is some additional chemistry requirements. I mean there is a lot of data that has to be gathered to apply for an IND, but certainly a critical path as Ken says of the toxicology studies which are in progress. There's a question on potential partners for TYK2 and all these global companies. I'm so sorry, there's a number there's pretty much as many potential partners as there are large and medium and potentially even small pharmaceutical companies. So there's a vast number of potential partners and many of those are global companies.

40:35 There's a question about approximate value for a tick to the partnership deal. For that, can I refer you to the presentation that we made with our results statement? We showed some example presentation some example deals in the TYK2 space, both the preclinical Phase one and Phase two. So those presentations are on the company's website. If you look at those, that's sort of guidelines for sort of deals that can be done. I think since all of the other questions are quite complex, we will hold them over and provide answers in the usual way, which will be published on the website in the next few days.

41:34 So with that, I once again like to thank you all for attending. I'm sorry we're not seeing you in the usual way this year, but hope very much that we can put that right next year. Many thanks. And let me hand you back to Paul for a final wrap up. Stephen, thank you very much indeed and thank you for addressing those investors' questions. Of course, as stated, the company will review all of the questions submitted and publish responses where appropriate to do so on the Investor Me company platform, also as they state on their website. Tim, perhaps if I could just hand back to you just for a final couple of words before we redirect investors to feedback, that'd be fantastic. Yes. Thanks, Paul. Yes. So I'll reiterate then. Stephen, thanks for everyone who are attending. Apologies as he said that we can't attend in focus. Hopefully, we'll be able to do that next year.

42:25 We have all the questions here that they're on the site. We'll work our way through them. And in the next few days, we will publish answers to the questions that we can. So I say thank you very much for submitting those. We'll get the answers out to you, and we look forward to meeting you in person in a year's time. That's great. Thank you very much, indeed. And thank you very much to SAREUM HOLDINGS PORT for updating investors today. Provide your feedback. If you access this meeting from our website, the feedback page will appear in front of you. If access it via the link sent to you in an email, you'll be asked to log in and submit your feedback, which only takes a few seconds, and it's great to receive by the company. Therefore, on behalf of SAREUM HOLDINGS PLC, we would like to thank you for attending today's presentation. That concludes today's event. Thank you, and good morning.