Shield Therapeutics (LSE:STX) — Unaudited Full Year Trading Update

0:01 Good afternoon, ladies and gentlemen, and welcome to the SHIELD THERAPEUTICS PLC Investor Presentation. Throughout this recorded presentation, investors will be in listen only mode. Questions are encouraged. They can be submitted at any time via the Q and A tab that's just situated on the right hand corner of your screen. Please just simply type in your questions and press send. The company may not be in a position to answer every question it receives during the meeting itself. However, the company can review all questions submitted today, and we'll publish those responses where it's appropriate to do so on the Investor Meet company platform. Before we begin, I would like to submit

0:32 the following poll. And as usual, if you could give that your kind attention, I'm sure the company would be most grateful. And I would now like to hand you over to the executive management team from SHIELD THERAPEUTICS, Greg Santosh. Good afternoon. Good afternoon, everybody, and thank you for taking the time to join us today. My name is Greg Madison, the CEO here at SHIELD THERAPEUTICS. I'd like to take this opportunity to formally introduce my new chief financial officer, Santos Schoenberg. He's been with the organization now just over four weeks, I believe, from my math is correct. And, he's a very, very welcome addition. We're very pleased to have him on board. As noted, we'll talk about the, trading update that we put out yesterday. At the end of the presentation, we'll be able to take, some questions there. We're on a relatively limited time schedule, but we'll do as many, questions as we possibly can.

1:18 At the end of those that we don't get to, we'll certainly look to, follow-up in writing here as well. So we put out a trading update yesterday, and really was thinking through just how to balance the tone here, right, on the presentation. Because on one hand, we've got some really good things that are going on in our business both in '23 and as we accelerate to 2024. However, we also had to put out news that, we discovered that there was a data anomaly in our reporting with our third party, partner here, and that's tough news to be able to put out there as well. So I think, candidly speaking, we're very pleased with what we see in the underlying business, but, you know, it's hard to not acknowledge this, you know, data piece that popped up yesterday. So, you know, we are, you know, disappointed to have to present this overall. We're frustrated internally here as well, but, you know, we identified it. We investigated it, and we obviously need to report that, which we've done.

2:11 You know, the team internally here, you know, I wish many of you could, you know, be in this office with myself and even Santosh in his four weeks here and see the team that is here, incredibly dedicated, incredibly passionate, takes a lot of pride in what they do, and always looking to do the right thing for patients, providers, for our shareholders. We take a lot of pride in what that is. So that that really yeah. This whole thing is a bit of a a disappointment for us. That being said, we also have a very resilient bunch of people here, right, that are just very focused on what needs to happen. When you're running an operating business, things sometimes happen. You figure it out, and you go forward, and that's the team that we have here as well. So we remain very, very resolutely focused, you know, on our goal to make Acre for the oral aligner choice, you know, here, in The US market as well.

2:59 And I think, you know, lastly, before we get into the presentation, I think the the most frustrating thing for us overall is if you could somehow just, you know, step aside from the data piece, you know, for half a second and look at what's going on in our underlying business, There are so many positive things that are moving in the right direction. We feel really good about the way things are trending right now, and there's more to come. You know, just as we ended '23, there's more resources coming in resources coming in '24. We think, you know, we have a very, very good plan in place. And if anything else, you know, that's the part we want don't wanna overlook here as well. So we'll do our best to kinda balance the tone here and make sure we're in a a good spot. So moving forward here, let's jump into the 2023 business update on a high level. So three main goals for us. Obviously, we wanna maximize our total revenues. We wanna continue to improve our ACRA for gross to net, and we wanna continue to grow ACRA for prescriptions. You know? And, obviously, the prescriptions and gross to net lead us to that total revenues.

3:57 So if you look back at 2023, we did have, you know, over three x year over year growth in our total revenues in The US for Acrofor ending the year at 11,600,000. We also had, you know, 2.8 year over year growth in total revenues from 2023 to 2022. The right two areas, you know, areas that we'll spend a little bit of a time on as we go forward here, you know, in our third quarter update, we spent a lot of time talking about, know, how do we improve our growth to net. We're making very good progress here that increased on net sales per prescription from a $119 per prescription in the first half to a $145 in the second half. Then on the right hand side, as we grow our prescriptions overall, we did have three x year over year growth in 2023 compared to 2022.

4:43 Bear in mind, we got our partner, Viatris. We got our full now sales team up and running in mid May. So this represents, you know, call it about six and a half months of that team being out there overall. And all that being said, you'll notice that in the fourth quarter, our growth rate wasn't to our level of expectations. Right? We thought we could do a little bit better there. We've definitely made some operational changes in the fourth quarter that are now taking effect today to address this lower lower than expected growth. From a financial perspective, we just think about revenues. You know, this is in the release as well. You see the breakdown here of our US net sales, our other income revenue from the Beatrice milestone, and our ex US sales across the board, all of which totaling up to $17,500,000 US dollars, and that's comparison to 2,022 of $6,200,000.

5:34 So I'll spend a minute here on the gross to net. So as noted earlier, in the third quarter, we spent a lot of time talking about, hey. You know, the first half of the year, that $119 wasn't progressing as fast as we wanted to, so we wanna make some changes. We are making some changes to address how do we get that increase up overall. So first and foremost, it always helps when you have expanded payer coverage, which allows you to get just more prescriptions, you know, paid for and covered, which automatically helps improve your gross to net. We had a nice win in California and New York that we reported in September. Right now, we're seeing very good progress from a prescription level in those two particular states overall. One area we spoke just a lot about was this increase in the prior authorization submission rates by physicians here in The US. And we implemented some changes in our patient access programs during the, fourth quarter, in October and November as well. Thus far, we're slides on it. We're seeing really nice results in that. Our PA submission rate increased pretty dramatically from q three all the way to q four. It's up from thirty seven percent where we were at the beginning of the year all the way up to fifty one percent in the fourth quarter. That's really with only about, you know, four to six weeks of actual time being implemented. So that sets us up really well as we go into 2024 as well.

6:50 So here's our growth. Right? So if you look at this just by itself and say, alright. You know, how do we do last year? Really nice, strong, impressive growth. Again, with context, we've got this team out there that's been out there about six months. 47% growth in the second quarter, 58% in the third quarter, and 22 here in the fourth quarter overall. Right? These are the real numbers, if you will. So by itself, you look at that at where we were last year and where we are this year, you know, that really looks, you know, good strong growth, and we're continuing to kinda focus on the execution side here as well. I would comment that our partnership with Viatris has never been stronger. We just have such in a good collaborative state of mind here in terms of what we're trying to accomplish, how we're gonna accomplish it. You know, there's always things that are popping up that you need to address overall, but a good, strong, dedicated partner in our in our colleague, Viatris, as we go forward on our mission here as well. One thing we did note here is that that fourth quarter performance wasn't exactly to the level that we expected it to see. So one of the things we did, you know, internally for SHIELD at least is we did strengthen our leadership and adjusted our sales leadership and our marketing team. So we brought a new head of marketing into the organization during the fourth quarter. And we also adjusted our sales leadership structure, whereas before we had one VP of sales managing six frontline sales managers who then manage the reps. We've adapted that model and actually now have two area directors managing the six frontline managers. So more of a ratio instead of one to six previously.

8:21 Now it's a one to three ratio. This high touch model, we think, is gonna pay off significantly in the benefits side just to enhance, you know, communication, coaching, and consistency. The other thing we noted there is that we believe we can execute better, particularly against our targets overall. Right? So the first, you know, several months of the launch, I think both teams are out there pretty much visiting as many doctors as we can, scooping up prescriptions, and you see that in the growth rates. One of the things we didn't do as well in the fourth quarter is stay focused on our targets. There's too many calls against nontargets. And the reason why that's important, you know, for us, targets have much more value. They write many, many more prescriptions overall versus nontargets so that consistency on reaching those targets, hitting their frequency overall. Again, we had to realign kinda what we wanted to do there. But if you put between both teams, just focus on the fundamentals and not allow any drift. It's not, hey.

9:14 Let's find prescriptions anywhere. Let's stay really focused on our targets and get them to write it for the first time and drive additional depth. So a little bit of basic blocking tackling that we need to revisit here, and the teams are out there executing that as we speak right now. So here's the third party data issue that we referenced. Right? So we discovered this issue. We investigated the issue, and then we are actually reporting the issue here as well. So this is through our third party data provider. And, you know, unfortunately, they had some methodology that was not exactly correct where it resulted in an over projection of the prescriptions overall. What you see here is the prior reported prescriptions on the top line, the updated prescriptions overall, and the actual growth rates that I just shared with you on the the previous slide. So

10:00 we ended the year at 77,000 prescriptions. Like I said, three x of the growth versus 2,022, and it puts us on a good trajectory. So this is one slide that just may help kinda put in characterization, you know, as we discovered this and now reported it, know, kind of the before and after. Right? So the blue bars represent, you know, where we thought we were on a trajectory, if you will, based on the, you know, previous data that reported. The orange bars now reflect, alright. This is the trajectory that we're actually on. Right? So you can clearly see here as we looked at it, you know, as we're kind of thinking as we end of the year, we're budgeting toward the blue line. We're making plans for the blue line, etcetera. Now in reality, as we discovered this, we're on the orange line. We need to make, you know, several different operational adjustments, of course, with the business. So number one, as reported, you know, clearly, the time to being cash flow positive, you know, if you're on the orange line versus the blue line, unless there's some, you know, event that's gonna happen to close that gap, that time is gonna move up. Right? So we reported there that, you know, our aim right now is to be cash flow positive in the second half of two thousand twenty five.

11:05 Previously, that was the end of two thousand twenty four, but that orange bar line certainly puts us in that trajectory in terms of, the second half of two thousand and twenty five. So if we think about 2024, you know, in our business priorities, they're listed right here. Right? So you've got maximize total revenues. We've got grow act preferred TRX and the gross to net, and then let's talk about the path to cash flow positive, if you will. So on the left hand side, I think it's pretty clear. You know, we're gonna be driven primarily by our US revenue growth,

11:35 and it would be remiss to say that we're actually making some really good progress, you know, on our ex US opportunities. Right? So, you know, China continues to enroll. That enrollment has actually picked up a little bit nicely here. We continue to make progress on our pediatric study, which, you know, that should be done, you know, kind of right around the midyear time frame. We should get the last patient enrolled there as well. Korea continues to make progress, and we're expecting approval in Canada by the end of the second quarter here as well. So our revenues will be driven by primarily US in the near term, but we are making very good progress with some of the ex US opportunities as well. The middle bucket, we'll spend a little bit of time here. Right? So, obviously, we wanna grow prescriptions and wanna improve our gross to net. Right? So as I noted, we've realigned our sales focus and prioritizing activity against targets. We've adjusted our sales model as of December of last year, and we fully expect that to benefit us and pay off with some of our basic blocking and tackling.

12:32 Where we're making really, really good progress is on the gross to net. So I talked about the increase that we saw both in the fourth quarter probably the second half of last year against the first half of that year. We fully expect that to continue to accelerate. One of the things we're able to do at the end of last year is lower one of our pay rebates, which is important because it not only helps lower our commercial, overall gross to net, but also helps lower our Medicaid best price. Right? So the simple way to think about this is that any prescription that was written for a commercial insurance plan or a Medicaid program in December 2023 as of 01/01/2024, you write those same prescriptions. They're both worth more than they were just three days ago.

13:17 So that's a fairly good step change for us overall. So we put out a target, you know, previously of 02/20 to 240 by 2025. I think we're very comfortable with that type of target that we're looking at here, but we really expect that improvement of the gross to net just to continue to improve and accelerate as we go through 2024. And then we have the introduction of our field reimbursement team. We talked about that, previously in one of the calls here. That team is designed out there to provide support and education to physicians to help continue to increase that PA submission rate, which is just critical

13:49 for us to get that up. We're seeing nice progress based on what we did in the in the fourth quarter of last year. And, again, that's gonna continue and accelerate, as we go forward as well. And then last but not least is the path to cash flow cost. So, you know, as noted in the earlier chart, you could see the trajectory that we're currently on. As we sat down and, you know, Santos, you know, being in here the last four weeks, this is where, you know, we've as we discovered this overall, you know, this is where we spent a lot of time. We're trying to figure out, right, how do we make this, you know, work, if you will. We had very tight control of our operating expenses, made a number of different working capital enhancements as well. You know, all of our focus right now is any dollar we're spending, you know, if at all possible, is gonna go drive, tied directly to supporting growth and hitting that top line number here as well. And then we ended the year at, 2,023 at just under $14,000,000 cash balance, and as noted, aim to turn cash flow positive in the second half of two thousand and twenty five.

14:46 Okay.

14:50 So I believe that's the end of the presentation here. Just give us a moment here so we can start to scroll through some of the questions. Some of you are nice enough to submit questions ahead of time. There's definitely a number of questions that I'm scanning at the chat board here. So just give us a couple of moments. Let us kinda collect our thoughts on some of these. As noted, we're on a relatively tight timeline, so I'm looking at the number of questions here. There's definitely no way we're gonna be answer all these on this call, but we'll look to take about, I'd say, to five questions, and Correct. We can go from there. Greg Santos, if I may just jump back in there. I'll give you a few moments to have a look at those questions. And and in the meantime, ladies and gentlemen, please do continue to submit your questions just by using the q and a tab that's situated on the top right hand corner of your screen. But just while the team take a few moments to review those questions that that were submitted already, I would like to remind you that a recording of this presentation along with a copy of the slides and the published q and a can be accessed via your investor dashboard.

15:45 Santosh, Greg, as you can see here, we have received quite a large number of questions. And and given the significant attendance on today's call, you may not be able to answer them all directly, but, of course, you can review all of the questions and add any additional responses after the presentation. But perhaps now, if I may just hand back to you just to read out those questions and give your responses where it's appropriate to do so, and then I'll pick up from you at the end. Thank you.

16:08 Great. So, you know, I think, obviously, with the context of what we discussed in the opening there, there's a number of questions related to the third party data and the, you know, over projection, things like that. There's really not much more than can be said beyond what I stated earlier that, obviously, you know, we're disappointed. Obviously, we have to present that. Nobody's happy about that for sure. But, you know, we discovered it. We investigated. We reported it. We believe we've got an understanding of, you know, what happened overall and how it's gonna be, it will be fixed going forward. So I'm not too worried about the go forward piece, overall, but you saw the impact of what it did for us overall. So I think internally, yeah, we're disappointed, but we've reset. We understand what needs to get done. We have a very good strong growing business. A lot of good things that are happening underneath that as well. We'll continue to stay focused on on that piece, if you will. But anything, Adam, your context. Yeah. I I think going back to what Greg just said, I think the fundamentals of the business continue to remain strong, and we look we are excited about it.

17:08 It is unfortunate that there was a data anomaly with the from a from a third party, but we have identified it. We have, and we have a path moving forward. So, yeah, that's pretty much, I think, what we can say on that question. Yep. Alright. So the question here around a little bit on the the gross to net. Right? So it says, you know, in the third quarter update, you made reference to actions. You know, we've seen the improvement on the gross to net in the second half of the year. It was a question of, you know, did q four drop versus q two overall? So we kinda hit some of those points here. This scenario, we're really excited about, and I think the team has done a really magnificent job with some of the things. So, obviously, we identified that our average net selling price midyear last year was not where we needed to be, and so we actively started to to make some changes here as well.

17:58 The way to think about gross to net, if I know where you wanna go to overall, you know, I get less worried about, you know, any kind of minor quarter over quarter fluctuations because that can really be impacted by your split of business. For example, if you have more Medicaid business versus commercial business overall, that can have, you know, minor impact. So, you know, whether or it went from 148 to one forty two q three to q four, that's that's immaterial, honestly, in the grand scheme of things. It's really like, what do you wanna see from a line of sight on the the overall trajectory, and that's where we're making excellent progress. So as noted, in the third quarter probably in the fourth quarter, specifically in October, we made some changes to our patient assistance programs whereby, you know, physicians we offer physicians that, hey.

18:43 You need to write a prioritization to get access to Acrofor because patients need to try and fail, you know, a a general OTC iron. If you write that PA and submit that to the payers, if it's covered, the patients pay $0 for a prescription of Acrofor per month. If it's not covered, they pay $25 per month overall, but you've gotta submit that prioritization. If you don't submit the prioritization, then the patient is paying a much higher cost, and we're not gonna continue to subsidize, you know, those patients overall. Right? So we wanna really start to methodically think about, you know, instead of prescriptions at any cost, we wanna start to modify our business and really be more intentful of, hey. If somebody's not willing to do the work, then we're not gonna just subsidize the patient for the sake of getting a prescription overall. So what we noted by implementing that simple change, we saw our PA submission rates jump up, you know, slightly in the fourth quarter, which is great. That's exactly what we wanna see. Bear in mind, we did this in the middle of October, so we had about eight weeks of real data here, but we're seeing a nice increase in the PA submission rates. We expect that certainly continues as we go forward here as well.

19:47 The second piece we noted is during the second quarter of this year, we're gonna bring on this field access reimbursement team. Again, they're being hired as we speak. They'll be up and running as we start the second quarter here. That team is specifically designed to provide support and education to physician offices that are having challenges, if you will, submitting prioritization. Right? So they can see, hey. Where the where the PAs kinda backing up? You know,

20:13 are there any offices that are having particular challenges with that overall? We can provide support and education all with the goal to help that office increase their PA submission rate. We increase that PA submission rate. There's a more likelihood that the PA submitted. We're gonna get it covered. That's a revenue generating script, but we'll still offer, you know, the access for the, the $25 as well. So that's a key indicator for us. So the actions we've taken in the fourth quarter, they're starting to pay off. There's more resources coming here as we hit the second quarter as well. And then lastly, as I noted in the presentation, the end of last year, we're able to reset some of our payer rebates. That has a huge effect for us on the gross to net side. So you combine all these kind of different actions that we're looking at, We're making some really, really good progress on that side when we continue to make progress with the additional resources we have coming in. So excellent question on that side.

21:02 Santos, I'm gonna toss one to you. There's a couple questions on just, you know, actions around the cash flow positive. Right? So, obviously, we had the the you know, as we look at the orange bar around that trajectory overall, we move the cash, you know, flow positive route in the second half of twenty five, but just a little bit of some of the operational work that we've done internally. Yeah. Yeah. No. And like Greg said, in light of the recent third party data issues, you know, we we are on a different trajectory now. And so we looked at our business holistically, took a deep dive. We've made adjustments to our business to make sure that our existing resources get us to cash flow positive in the second half of twenty five. And some of those, as you can imagine, we are already hyper focused on making sure that our investments are linked directly to the growth and scaling of that refer. But we look further into some of the g and a expenses, and we were able to delay or cancel some of the programs and move that into 2025.

21:59 So found some potential opportunities for savings there. But our focus was a little bit more targeted towards working capital management, so the cash element of it. So things like we have been able to manage some of our supply chain costs. Example, our API and production costs, making sure that it aligns with this new trajectory that we are on. So there were some savings associated with that cash savings. We've also improved our distribution process. You know, how we distribute our product from our facilities into a three p l, into a warehouse, and then move all the way into a a patient's hand. We've been able to find some efficiencies there, and we'll be implementing that as we speak in the first half of this year. And then finally, obviously, we have made we've taken undertaken multiple initiatives so as to be able to manage our accounts receivables and account payables.

22:52 And that working cap management has actually helped us find some significant cash savings and enable us to get back to making these adjustments so that our existing resources help us to get to cash flow positive in the second half of thirty five. Great. Thank you. Let's see here. So there was a question about XUS. I think I covered that. There's a little bit on Norgeen here as well, but let me just kind of repeat that as well, how the XUS things are progressing as well. So, obviously, reported in this release that Norgeen, we've collected 1,500,000 royalties from our partner, Nordgene, in Europe. We continue to work with Nordgene on focusing on the right customers and driving, you know, impressive growth here as well. We've had a lot of conversations with them. They are committed to the product.

23:41 Overall. It's an important part of their portfolio, and we're gonna continue to work with them on the tactical execution in a number of different areas that, you know, we believe could potentially be improved. You know, they're they're they're doing the right things. Like, they're saying the right things. We'd love to move that a little bit faster if we possibly could, but the relationship, is good at this point in time. On the other pieces, the development side, as noted, Canada, while we did expect approval, I think we previously talked about, timing of approval in the second half of two thousand twenty three. That's moved out. We really haven't had any communication, to indicate anything overall, but just that the delay in, you know, our partner in Canada, Kai Pharmaceuticals, has been very active in kinda, you know, pressing for an answer overall. It does look like we'll have an answer here by the end of the second quarter. I think we feel optimistic optimistic about the opportunity there as well and excited to get that in the hand of our Canadian citizens pending approval.

24:38 Then China, as I noted, China is continuing to enroll their patients overall. It looks like we should be able to, all things being equal, you'll get that patients enrolled before the end of this year. That'll put us on track for potential approval in the second half of two thousand twenty six if that all continues as going. Korea, they they finished their PK study. We should be filing for approval at some point this year. So that's progressing very nicely for us as well. So, you know, on the ex US side, things are working well. I also mentioned our pediatric study. We've been enrolling that, you know, for a number of months at this point in time. It looks like we should be on track to have that patients enrolled in the middle part of this year, which allow us to think about your potential indication expansion both in The US and Europe likely in the latter half of twenty five or early twenty twenty six time frame. So some really exciting progress on the ex US side here as well.

25:31 K. I think we get time to hit perhaps one more question. There's a question on just a q four growth rate of 22%, you know, how that portends, you for this year and some of the actions we're taking overall. I think as we noted there, you know, we've got some dedicated teams out there, you know, working really hard. I think we made you know, we certainly as we're getting into the fourth quarter approaching towards the end of the year, know, we weren't actually thrilled with some of the level of execution we're seeing, and we've seen this team perform. You know, I'm talking about our field sales team here. We've seen them perform at a very high level, you know, before, so we know if they can do it, and we just didn't execute the way that we thought and that we've seen before that we know we can in the fourth quarter. So for a number of different reasons, we made some operational changes. I know the sales leadership change and the sales leadership structure that was done in December. You know, that's already we're already seeing very, very positive signs in terms of level of communication, really focus on, you know, a small number of things, do those really, really well instead of trying to do, you know, 15 things, which you're not gonna be able to accomplish.

26:35 So we're really comfortable with what we see right right now on that side. As noted, our partner, Beatrice, kind of witnessed the same thing. And that collaboration, that communication we have around, you know, what are we hearing, what are we seeing overall. This is not a physicians don't care to write the product. In fact, you know, we got some recent market research here. We did a little bit of qualitative research. I'm doing some quant research now, but, you know, my head of marketing, you know, keeps walking to my office and, you know, she goes off these calls. Physicians are like, when is this gonna launch? You know, I'm excited to write it. You know, we have so many patients that could benefit for that. So we have not lost sight at all about the market opportunity. It is absolutely there. You know, we just need to really focus and execute, you know, better than we think we did in the fourth quarter, and, you've got the full team committed to to be able to do that.

27:20 So I think the option, you know, looking ahead for us here, it's very, very bright. Every piece of data we have tells us that the market is available. You know, patients are in need. Physicians are looking for an option, if you will. You know, recognizing that it's not as easy as it sounds. It's not like you walk in once to a physician and you present Acrofor and you walk out and you just start writing it all over the place. It does take reach, frequency, repetition in order to kind of break through whatever habits that that they've been doing before. So we feel very confident about the opportunity. We just need to kinda focus our resources to execute a bit better both on the sales side, and we're excited to launch some new marketing initiatives here as well. So, you know, despite, you know, all the noise from yesterday, you know, the base business overall, you know, we're gonna focus on growth. Gross to net is moving in a really, really nice direction, you know, across the board there. You know, we're very comfortable with where we need to kinda focus on and move forward here as well, and we're gonna do everything in our power to to get to that cash flow positive in the second half of twenty five with the existing resources we have sitting here today.

28:22 Anything else to add before we close out? I think that's it. Good. Okay. I think with that, because I'm just scanning one last time to see if there's any other questions. I'm just trying to cluster these and group these together. Yeah. I think that should be it. So I'm just trying to get back over to you, if you will. Perfect. Greg Santos, thank you very much indeed for being so generous of your time and addressing those questions that that came in from investors. And of course, we will be able to give you back all of the questions that were submitted today as well as any further ones that do come through. We'll give you those back immediately after the presentation has ended just for you to review to then add any additional responses, of course, where it's appropriate to do so, and we'll publish all those responses out on the platform. But, Greg, perhaps before really just looking to redirect those on the call to provide you with their feedback, which I know is particularly important to yourself and and the company. If I could please just ask you for a few closing comments to wrap up with, that'd be great.

29:16 Yeah. Absolutely. So first off, thank you for taking the time today. We really appreciate, you know, all of our investors' support and things like that. You know, as noted, you know, in the underlying business, we see a lot of good things that are going, and, you know, I wish you could be here internally with the team just to see, you know, the focus, the dedication, the passion of what we're trying to accomplish and, you know, staying focused on that goal. You know, obviously, a a balanced trading update here, you know, with the reset, but we're very confident in terms of, you know, what happened, what we need to do, how we need to execute, how we're gonna get there as well, and we look forward to updating everybody along the way here as well. So thank you for your time and your questions. Thank you, everyone. Perfect. Greg, that's great. And thank you once again for updating investors this afternoon. Could I please ask investors not to close this session as you'll now be automatically redirected for the opportunity to provide your feedback in order that the management team can really better understand your views and expectations?

30:06 This will only take a few moments to complete, but I'm sure will be greatly valued by the company. On behalf of management team of SHIELD THERAPEUTICS PLC, we would like to thank you for attending today's presentation. That now concludes today's session. So good afternoon to you all.