Theracryf (LSE:TCF) — Post-AGM Q&A

0:00 Good afternoon and welcome to the Evgen Pharma PLC post AGM update and Q and A session. Throughout this recorded meeting, attendees will be in listen only mode. Questions are encouraged and can be submitted at any time by the Q and A tab situated in the right corner of your screen. Just simply type in your questions and press send. The company may not be in a position to answer every question submitted today. However, all questions will be reviewed with a response published on the investment company platform where it's appropriate to do so. I'd now like to hand you up to Hugh Jones, CEO. Good afternoon, sir.

0:29 Good afternoon, everybody, and thanks for attending. Welcome to our results in AGM summary presentation here from Alderley Park in Cheshire. The, normal caveats apply, of course, in that we are a public company listed on AIM. We're at clinical stage. Our focus is drug development. We focus on breast cancer, glioma, a number of other cancers, and we have three very powerful molecular targets of interest, which the sulforaphane released by s f x o one tends to target. So it's a new class of pharmaceuticals based on a biologically and very well researched ingredient called sulforaphane. Multiple targets, multiple areas of medicine, and we focus on those high value niches that we believe can make a difference in medicine and make a difference to our shareholders.

1:16 There's a huge amount of preclinical third party data and some substantial clinical data too on sulforaphane derived from a bunch of other sources. However, we are the only clinical grade of sulforaphane in the world. People come to us when they need a sulforaphane that's suitable for clinical work. We have high unmet need diseases, and the way we stabilize sulforaphane is called sulforaphane. That's our platform technology. The lead compound under that technology is s f x o one. We've got very strong granted in many territories IP covering the composition of matter, the manufacturing, and various other derivatives of sulforaphane through owning the space. The board and management have probably got two hundred years of experience cumulatively.

2:01 It's a very experienced group, and that makes really high quality decision making much easier to do. Our business model is to get proof of concept, be that preclinical or clinical, and then partner for the large scale trials and commercialization. And we believe we've got a lot of value inflection points in our portfolio coming up in the future. In fact, we've proven that business model with two deals so far. One using the platform in the nutraceutical world, and that's with Juvenescence or the nutraceutical arm of Juvenescence, JuveLife. And that collaboration has been going on for a couple of years, still continues with expected launches predicted in the paperwork and RNSs you've already seen. A more recent collaboration is with Stalickla, a Swiss company, and that's for the part of s f x o one's wide range of properties that cover neurodevelopmental disorders schizophrenia.

3:02 And that partnership starts with autism spectrum disorder. And Stellicler, as we've said a few times before, are pretty much the only people who could do this because they've got a proprietary screening platform based on AI that makes the clinical study that we're planning together more likely to succeed because it picks those people with autism who are more likely to respond to s f x o one than those who are less likely or not responding to s f x o one. And as the period that we're reporting today, we've got a very strong cash position compared with some of our peers in the marketplace. As of March 31, we had 5,000,000 in the bank. That gives us a cash runway to the end of twenty twenty four. Again, if you look at the stats, that's a remarkably long upper quartile performance of biotechs in Europe.

3:51 So the pipeline I was mentioning is shown here all on SFXO one. The collaborators that we deal with are also shown on this slide. Breast cancer is an important area for us. We're continuing to work with, the University of Manchester and the Christie Hospital in really, deconvoluting the best place to put s f x o one in the increasingly complex world of breast cancer treatment, particularly in the metastatic setting, mainly in the h r two negative if you're technically minded, and the hormone receptor positive metastatic breast cancer, which is the largest subgroup. Neurodivental developmental disorders is a new chevron on this slide. That's because we did the deal with Stellickla last October, and the phase one study that supports that is complete. We reported top line data from that quite recently.

4:40 Glioblastoma is our internal program, and we've reported some very good news on that program also very recently, as recently as the last ten days or so. And that's currently in a partnership with the Erasmus Medical Center in Rotterdam. We've got data on hematological malignancies that we're figuring out what to do with. And with a bunch of Spanish academic institutions, we've got rights to analogs of sulforaphane that we're looking at exploiting in due course. So the highlights then from the year we're reporting to, and by the way, on the right hand block there is our commercial grade tablets that were manufactured for our phase one healthy volunteer study. We did a transformative transaction for s f x o one with Stellicla. Just to remind you, that's milestones of $160,500,000 during the lifetime of the deal, and in any and every scenario, a double digit royalty accruing back to Evgen from eventual sales in autism neurodevelopmental disorders, schizophrenia.

5:43 We've already received $500,000 of that earlier on this year. And during the next eighteen months, we fully expect to realize another five and a half million dollars, which completes the early milestones under that collaboration. But you could see there's a $155,500,000 still to come during the development commercialization of s f x o one in those indications. We spent a lot of money again on manufacturing in the last year. We've made a new form API, which is covered. That's active pharmaceutical ingredient, by the way, which is covered by additional patent protection. We've made, as you can see on the right hand panel, three hundred milligram tablets, which are made to good manufacturing practice, suitable for human use and eventual commercialization, and we use those very tablets in the phase one b healthy volunteer trial that has completed quite recently.

6:33 We we decided in combination with our sort of key opinion leader group to conduct the first s f x o one glioblastoma, our internal program study as an investigator sponsored study led by Marjolein Gertz at the Erasmus University Medical Center in Rotterdam. And we applied during the period for a nondilutive grant to fund both the preclinical lead in to that study and the clinical study itself in patients with glioblastoma. We never stopped, though, on academic collaborations so long as that collaboration is within our core area of interest. So we also published in March evidence of radio sensitization by SFXO one that is making radiation more powerful or enabling lower doses of radiation for the same therapeutic effect. This was in vitro.

7:25 This was in test tube in a collaboration we have with the University La Sapienza in Rome. And we published this enhancement of the effect of radiotherapy by s f x o one in the test tube at an ESMO rare diseases conference in Lugano, Switzerland at the right at the end of March, right at the end of the period. So we also finished the phase one PKPD study in the period. That is we completed the dosing. There were no serious adverse events. The the release of the drug of metabolites were as predicted with target pH 6.8, which is just beyond the stomach into the intestine where the drug is meant to be absorbed, and we found that exactly to be the case from the time scale of the drug appearing in the blood and indeed its metabolites.

8:10 So exactly as predicted and what we call the total thiols, that is the total active sulforaphane and active metabolites of sulforaphane in the body that are biologically active, we call that in the micromolar range. So if if you're a scientist, the micromolar range is what we see in the lab. We're very pleased to say that we see the same range of concentration as we see in a test tube in the human subject. So that was we're getting into blood the same kind of concentrations that we see being, effective in the lab. So great news from the point of view of our drug delivering in the right place with no SAEs, serious adverse events, and producing the right level of blood concentration that we expect to see efficacy. So post period, we completed the pharmacokinetic part of our healthy volunteer study.

9:03 We're in final review of that study right now. We've shared it with our partner, and they're busily calculating the dose for the autism spectrum disorder study they plan to start early next year. So those will trigger, of course, other royalties and sorry, other other milestones. On manufacturing, we've enhanced substantially the way we make the active ingredient to to make it more effective, to generate effectively more active ingredient per kilo of starting material. That's gone very well, and we're transferring that to our contract manufacturer as we speak. In fact, they've replicated those effects in their pilot lab, and it's looking good. The good news on our GBM study is that the grant we applied for was very successful. I've been asked a couple of times what's the value of that. Well, the project, which is preclinical and the clinical study in GBM patients, is about €1,100,000 or around £900,000 sterling, which is a very substantial piece of work that we don't have to pay for. We provide drug and expertise, and the rest of the work is provided into the Erasmus Medical Center by the Dutch Cancer Society.

10:11 In fact, we had a kickoff meeting only yesterday with our collaborator there, professor Goertz, who was very pleased to come to Alderley Park in Cheshire, come and start the the program, and the formal grant program starts on the 10/01/2023. So all on plan, and we're looking forward to seeing the results of that collaboration, including eventually clinical results. The radiosensitization piece in this rare childhood tumor, rhabdomyosarcoma, continues on with our collaborators in Italy, in Rome, and we've seen a replication of the effect we saw in the test tube that is making radiation more powerful or even turning cells that were beginning to develop resistance to radiation back to be sensitive to radiation. That's really exciting data if it's translate translates into the clinic. People whose radiotherapy stops working can be, hopefully, one day given SFX o one, and that radiotherapy starts working again or indeed when they're giving radiotherapy first.

11:09 The radiotherapy is more powerful on the tumor than it would have been without SFX o one. So the great news from from the group is that they validated the the stuff we saw in the test tube in whole mouse models. So there's consistency here from the test tube to the preclinical model, and we're looking at the next stage of that collaboration. We're gonna publish jointly with LASAPIENZA in early twenty twenty four. The publication thing takes quite a while, of course, if you're going to a properly peer reviewed prestigious journal. The study, the phase one b study, is very close to being finished in a QA point of view. Now I have to explain to folks who aren't breathing and living phase one and two studies all the time. There's an execution period of the study, which is a quick period. There's a huge amount of data to to measure, and we're measuring PK data. That's how the drug gets in the body. And PD data, that is what the drug is doing when it gets there. We've got some very exciting PK data, as I said earlier, and we're processing now the p key PK data. All of this because it's being done to regulatory standard takes multiple rounds of approval and review to check that the data we're sending to regulatory authorities eventually is bang on and absolutely correct. Not a single typo, not a single decimal point out of place. That's what we're doing now. The PK data review is complete, and we're finalizing the tables and listings, which is clinical trial speak for the data within the study.

12:38 I just wanted to dwell on the right hand panel there for a bit on some data that was published by the Rome Sapienza group in March at that ESMO conference. GY stands for gray. You'll see that on the vertical column there. That's the dose of radiation. Vehicle is like placebo. So these are cells in a plate with zero radiation applied. That's a rhabdomyosarcoma cell or group of them with nothing applied. On the right hand panel, you'll see s f x o one, and you can see a massive difference between no treatment and s f x o one in terms of shrinkage of the size of those sarcoma cells and the rejection in number of them. And then in the bottom left panel, four gray means a standard dose of radiation.

13:24 You can see that it does work. We've got fewer and smaller cells in the presence of radiation alone, and these are radio resistant cells. So the effect is not a 100%. It's starting to show difficulty in in radiation being effective. And the the the killer panel for me, killer as in absolutely conclusive evidence, is the bottom right. That shows four grades of radiation applied concomitantly with SFX o one. And you can see a picture tells a thousand words. The fantastic continued shrinkage of those cells and reduction in number of them. That excites us greatly in these cells that are beginning to develop resistance. So it excited our our professor in Rome even more. So this quote was put out in our press release, and he says the systemic therapy of rhabdomyosarcomas hasn't changed in recent decades, and the frequent finding of local regional recurrences, that is the tumor coming back, suggests the need for radiosensitizing therapies that increase local control.

14:25 Unfortunately, with sarcomas, this is rarely obtained in vivo and precisely for this reason reason I'm very excited to observe this result. He sent this that

14:35 in an email, and we asked him, would he be kind enough to let us put it in the public domain? He said, of course. This is really exciting data. So we're continuing to see radiosensitization properties of s f x o one that will, in fact, have a a real role in the clinical study in brain cancer because the second line treatment after surgery of brain cancer is radiation. So the goal, the dream for the product here is making radiation more effective and getting a better outcome for the patient. So to the outlook then. What are we looking forward to for the rest of this year and into next? We're gonna get the full dataset from the healthy volunteer study very shortly, and we are submitting that for publication because we believe that the data are so interesting, and they are actually the most complete set of data about sulforaphane and its molecular targets in the world ever.

15:27 So it's worthy of publication. More news on that as we submit for publication. On the October 1, the very first day of quarter four, the grant funded project in brain cancer starts at the Erasmus Medical Center in Rotterdam. We're gonna get more preclinical data from our colleagues up the road in Manchester on metastatic breast cancer. We'll get an initial set of data from our earlier collaboration with the University of Michigan in colorectal cancer, and that's a cancer that we haven't really researched extensively before. That's on a longer timeline, but we do expect to see some early data this year. The in vivo work from professor Morampon's group on that radio sensitization in the rare tumor of rhabdomyosarcoma, we expect that to be submitted for publication, this year and accepted for publication early next.

16:16 With our partner, Stellickler, the next bullet start of our ASD phase two trial in 2024, triggering a number of other milestone payments that you can see here, for the rest of this year and into 2024. So pretty exciting out growth, both technically with our collaborators and financially with our commercial partners.

16:37 So to the financial highlights, Richard, we've got the p and l loss, the cash flow, cash position, and what we previously said as our cash runway. Over to Richard. Yeah. Good afternoon, everyone. So in terms of operating loss, as you can see, it's it's getting up for 2,000,000 higher than last year, and that is a consequence of running a clinical trial where most of the costs were incurred during the last financial year. And clinical trials, as you know, are are not cheap, but it also reflects the additional work we've been doing on the production and the development of the production process for our SFX one capsules and tablets. So that is that is fundamentally the reason for the increase in in loss. There's no other particularly large contribution to that.

17:26 And consequently, because, essentially, what we

17:30 what we do in the p and l is p and l basis is reflected pretty accurately in the cash flow. You can see that the cash flow out the cash outlay was 1,500,000 in the current year, higher than it was in the last year. And, as I say, that that is consequence of the the work we've been doing on on the clinical trial and the production process. It's not quite the same because there are timing differences, because there was also a tax credit we received, which you then include in operating loss, and that was getting on for 500 k. So you can see that for the most part matches matches the p and l. So as of the end of the year, we had 5,000,000, it that is not rounded. That is a a real number.

18:23 So rather rather attractive for a finance person. And the the projections tell us that that will fund us through to q four twenty twenty four without taking account of most of those milestones that Hugh has talked about. So were where we should get more substantive milestones from Stellicular or from Juvenescence, then our cash flow takes us way into 2025. So we're comfortable that we have a good cash position for the time being and certainly enough to to execute on our glioblastoma work and complete the work on the clinical trial. So I think that's all I have to say on the financial highlights.

19:11 Thanks, Richard. Concludes the formal presentation part in a in a fairly rapid fire way. Please do ask any questions on these slides or anything else using the investor meet platform. So Perfect. You you, Richard, thank you very much for your presentation. Ladies and gentlemen, as mentioned, please do continue to submit your questions just by using the q and a tab, which is situated on the top right hand corner of the screen. As you can see, we received a number of questions today, and thank you to all the attendees for submitting those questions. Hugh, if I could just hand over to you just to read out those questions and give response to where it's appropriate to do so, then what I'll do is I'll pick up from you at the end. Thanks, Alessandro. So we have presubmitted questions to start. The first one, please confirm the, issue chairs in Evgen which are held by senior management. So Richard and I did some arithmetic when this question came in, and I can tell you that 7% of the equity of Evgen is, in one way or another, in the hands of the board and management. 7%. That makes board and management the fourth largest shareholder in Evgen. So we are highly committed to this mission, and we're highly committed because we're devoting all our working lives to it. But not only that, we are we have to behave like shareholders and like shareholders wish to see again, because we are indeed shareholders. I bought personally and have other share instruments, of course, to reward me for share price performance and vice versa. So, we are hugely committed

20:37 to this mission, to this fantastic multifactorial agent, and to producing a return for shareholders. It is biotech. Returns take a while. The market's not a happy place, but, we've been here before. I'm old enough to remember several cycles of this sort of thing before, and you do come out of it, especially when we've got data and plans as exciting as I believe the ones we've got are. So for really, fourth largest shareholder if you look at everything in the round.

21:05 The next question about and this is lots of talk about how AI is used by companies in drug development to accelerate the process. Are we using AI? We're we're clinical stage. So the sort of AI we're using is really looking for patterns in data, things like the pharmacodynamic data that were in the phase one human volunteer study. But the most powerful place for AI in Evgen's business is the AI that Stellickla have to filter out those young people with autism who are gonna respond to s f x o one versus those who won't. There's no point giving a drug to a person with a particular condition where it's not gonna work. If you know it's less likely to work and more importantly know where it is more likely to work, that's the person to administer to the drug to. That's another key rationale apart from financial that we did the deal with Stellixla.

21:56 Looking at it broadly, well, this isn't a kind of industry overall kind of crystal ball read, but I see its value both in discovering new molecules more quickly. The ability for AI to make connections that a human person either can't do or takes much longer over is really exciting to me in drug discovery and using AI as well to interrogate really large volumes of data. We've got some of those, as I said, from our human volunteer study in the pharmacodynamic piece. We haven't disclosed any of that data yet, but using really sophisticated analytics, which is really what AI is, excites us greatly in getting huge insights from what the drug is doing. The next one, is the expected 5,500,000 in 2024 included in the cash runway, or does this extend it further? I'll take this one, Richard, if that's okay. 500,000 of it is. That's the next milestone on delivery of the phase one data in its fully wrapped up form. They've got the raw data already, but delivering a report to our partner triggers a half million milestone, and the rest of the miles of the 5,000,000 are regulatory milestones. So only half a million of that is recognized in our prediction for our cash runway.

23:10 Richard, any any other comments there? Yeah. I leave it. Yeah. So I should also have a juvenile sense, milestones, which would hit a seven figure number within the next twelve months, we would hope, if all goes well. Those aren't in there either. Great. Thanks for reminding us of that. The next one is a thank you, which is which is very nice to see. Thank you to the person who sent us that question, and it thanks Richard for his stewardship.

23:36 And and I'd like to add my good news at the end, but I might as well do it now. I was gonna add my personal thanks for Richard's fantastically professional work on behalf of this organization and its shareholders. When I joined two and a half years ago, he made my integration incredibly smooth and easy, and and he's been continuing in that vein as a member of the board and management team. He he makes it look easy, and that's the mark of a real pro. Thank you, Richard. It's been a a real real pleasure working with you. Thank you. That's very embarrassing, but thank you.

24:07 And the next question, have we found a replacement to take on the role? We've been interviewing for most of this year, and, of course, we're we're not pushovers. So we've found some very interesting candidates. We're in late stage interview stage at the moment. So, yes, we've got a few replacement candidates, one or two in particular, who are in very late stage discussions for taking over the role. But in the interim, we've got an interim solution locally here, a sort of virtual FD solution from the people who've been working with already in FGen to do some of the more minor financial piece, and they're stepping up to do a more major financial work with us in the interim short period before we appoint a new CFO. So the next one. Given our progress in market cap, is the company not vulnerable for takeover? This comes up quite often, actually.

24:57 And the answer is it's the market's decision, not ours. I mean, if there was a takeover, we'd we'd have to be obligated at the right point to tell you about it. I can tell you now there are none. We are continuing with our plan, and that is to develop SFX o one, to develop our internal program, to nurture our partnerships. But, you know, takeovers could happen at any time. There are not many happening in the market as it stands today, frankly. And we are, you know, a fully functioning clinical stage biotech with some big inflection points coming down the pipe. So no offers. We're continuing with our plan and pushing forward. New grants. Well, that's a very good question. Thank you. The next question. We're always looking for opportunities, be they product opportunities or be they non dilutive funding opportunities.

25:47 We're in touch with two other grant funding bodies in the brain cancer space and others too. The management team here have a very good history of attracting grant money over the last decade, myself and our CBO in particular, and now our CMO who led the Dutch Cancer Society grant. So can we expect them? Well, we're always looking is the honest answer. And we're talking to the key people in our areas of interest to see whether there is even more grant funding available than the 900 k or so we've secured already this year. So next one. Published readout from the phase two metastatic breast cancer trial. Well, that's already, published as in the in the sense that the phase two a study was done and completed.

26:34 We're still looking for partnership to do the very large scale studies that are necessary. So we won't be doing that ourselves. It's a very large, very expensive study to do. So we're looking for larger partnerships for metastatic breast cancer because the next study is a real biggie, and we're continuing to do that. Helen, our CBO and I, very busily looking for partners there. We're in discussions, of course, but biotech companies are always in discussion with various parties to to exploit our technology going forward. And when there is news, we'll be the first to tell you. When you issued options, did not disclose the terms. Are we including options as part of the 7% we talk about? Yes. We are. The terms are like standard options. They're based on time. They're based on competitive performance.

27:23 They're based on achievement of corporate objectives. So there's a lot of objectives to achieve in the vesting of a share option in FJN. Yeah. It's also worth adding most of the options issued are also have to beat certain share share price milestones or hurdles, which which in this market is is pretty demanding. Thank you. You know, some of these are at a strike price, so we have to achieve this price before they're even in the money. So Yeah. We are very motivated by the share price in this organization, I can tell you. We don't pay ourselves at the top of the table of biotechs far from it. So we're very motivated for future gain one day in the shape of our share LTIP.

28:10 So there's somebody saying, since you said you wished you could buy shares last last October, your peers, you have not. Why did you mislead investors? Well, let me tell you, sir. I am not misleading investors. We're not misleading you at all. When we say we can't buy, that's because of the advice we get from our nomad, our broker, and our lawyers, and that is still the case. We wish we could. And to a man in this room today at our office, we wish we could. We can. We're still prohibited from doing it. And I can tell you now, in a biotech company, closed

28:41 periods are very, very long. There's always a discussion going on or not going on. Already we're already discussing the pharmacodynamic data from our phase one study, which could be deemed in certain circumstances to be price sensitive. So we can't buy. It's not that we're misleading you. We're telling you honestly every time you ask that we cannot buy buy the advice coming from our very experienced advisers in the city and our lawyers. We just can't do it. We'd love to. I bought originally when we raised our raise in 2021. I I used my own cash then, and I will use it again when I have the opportunity to do so. Unfortunately, we can't tell you what might or might not be going on or the reasons why we can't buy, but that sadly is just the case.

29:29 How many employees do we have? We've got seven and a board, but each of those is a hub in a wheel. And that wheel consists of a number of other research institutes, yeah, contract manufacturing organizations, contract research organizations. So we're a hub and spoke virtual company. That's the sort of company jargon for it, really. We all have our own projects. We all manage them personally, and we draw in expertise from wherever we find it, be it in academia or be it in the commercial contract research or manufacturing world. That makes us agile. It makes our capital very flexible. Makes us capital efficient so that when we turn something on, we can turn it on for the period we want it, and then we could stop doing that work, move on to the next thing. It's an ideal model for a biotech given the quality of both academic collaborators and industry collaborators that we have. So small, beautifully put together, we think, and and working very flexibly and efficiently with a very large number of suppliers.

30:36 What option percentage do you own? I haven't calculated it, to be honest. So I can't tell you, but we maybe follow-up with a question there. Clearly, I'm the largest option holder currently because I'm the CEO, but I I I just don't know. It's it's nowhere near the full 7%, I can tell you, sir. How long will the next breast trial take? That's the next question. How many patients will be required? Well, we haven't revealed that to the market. We have we have calculated it, and it will be tens, if not hundreds of patients to find a definitive result in the metastatic breast cancer area. And that's simply a statistical power calculation. We've said before, it could cost between 30 and $50,000,000 to execute that study, and that's why we're looking for partnership. We wouldn't dream of starting to do that by ourselves because we couldn't finish the job.

31:24 It's a partnership thing with really interesting data in this whole area of post c d k four six treatment. So that's currently when the ladies with breast cancer see that breast cancer spreading and those breast cancer biomarkers move in a certain direction, that's when c d k four six inhibitors are deployed. And then after that, they start waning in their effectiveness. That's where we think we are likely to fit in, and we're looking for external nondilutive ways to deliver that. We're we're constantly getting interesting and intuitive data from the Manchester Breast Center. So when we complete that work, we'll have a very clear idea of where to go. But, of course, a partner, if it happens, would also have a clear idea and ideas of their own about where that would go and and we're looking for a partner who could afford to fund it.

32:20 And I think that's the last question I can see here. So Yep. Everybody for listening, and I'll hand back to. Perfect. Perfect. Thank you very much for that. And I think you've addressed all those questions from investors, and, of course, the company will review all questions submitted today, and we'll publish a response on on the investment in your company platform. But just before redirecting investors provide you their feedback, which is particularly important to the company, Hugh, could I just ask you for a few closing comments? Yes. Indeed. So we set out a plan in 2021. We're delivering on that plan. That plan involved commercial grade manufacture, enhancement of our SFX o one chemical matter producing a tablet that's enteric coated that's that was different from the research form we were using before and that releases in the right place in the stomach consistently and produces high levels or active ingredients in the blood. We've done that. We set out a plan to deliver a study in glioblastoma, the nastiest of the brain cancers, one of the biggest nonaccident killers of young people 40 in the Western world. We're delivering on that plan. And not only that, given the the the financial needs, we're delivering it in a nondilutive funding way.

33:33 So with the Erasmus, we've consulted very widely with the key opinion leader group in glioblastoma. The best way to do it is the way we're doing it, and we're doing it with 900 k of free project money, rooted via the Erasmus Medical Center. We said we would exemplify our business model with a deal. We've done that. We've got a $160,500,000 milestone deal with a very good partner in autism spectrum disorder. And, of course, partnering is an almost constant activity, Talking to people, assessing whether we are of common interest is a constant activity for any small biotech, and we're very busily doing that. We are encouraged with our cash runway, which is at the best end of companies of our type of industry, and we're continuing to look for more sources of non dilutive funding as well as any other complementary technologies we might look at. So, an exciting year in the past, and an even more exciting one in the future with some potential milestones coming, with some more powerful data coming on this asset that seems to repeatedly develop interesting data, especially in this whole area of sensitizing to radiation.

34:46 So, we're really excited about it. We are, busily pushing ahead with every one of those streams of activity, and we thank you for your patience with us in a difficult market. We thank you for investing in Evgen. You, Richard. Thanks once again for updating investors today. Could I please ask investors not to close the session as you now be automatically redirected to provide your feedback in order that the board can better understand your views and expectations? This will then take a few moments to complete, but some should be greatly valued by the company. On behalf of the board of Evgen Pharma PLC, we'd like to thank you for attending today's meeting, and good afternoon to you all.