Cambridge Cognition Holdings (LSE:COG) — Preliminary Results

0:00 Good morning, and welcome to the CAMBRIDGE COGNITION HOLDINGS PLC final results investor presentation. Throughout this recorded presentation, investors will be in listen only mode. Questions are encouraged, and they 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 received during the meeting itself. However, the company can review all the questions submitted today and publish responses where it's appropriate to do so. Before we begin, I'd like to submit the following poll. I'd now like to hand you up

0:30 to Rod Baker. Good morning, sir. Good morning, and thank you for joining us today. I'm Rod Baker, chief operating officer and joint acting managing director for CAMBRIDGE COGNITION. And with me is our interim CFO, Ronald Openshaw. Good morning. Today, we have the opportunity to take you through our unqualified, unaudited results for 2024, the progress we've made across the business, and why we believe we are now in a stronger position than ever to grow profitably and sustainably. Let me flag the usual disclaimer upfront. This presentation includes forward looking statements. They reflect our current view, but as always, are subject to change based on market conditions and other factors. So this is what we will cover today. First, I will touch on twenty twenty four's key milestones and the progress we've made including in the first quarter of twenty twenty five.

1:22 Then we'll work through the financials. After that, we'll go deeper into what we offer, where the market's heading, and how we're positioning for growth. And then we'll wrap up with an outlook and take some of your questions. But first of all, I'd like to take the opportunity to give a little bit of professional background. First of all, handing over to my colleague, Ronald. Super. Thanks, Rob. So, yeah, I'm Ronald Openshaw. I'm currently acting as interim chief financial officer for, Cambridge Cognition, have been since August of last year. A chartered accountant by background, six years at KPMG, and then probably something of the order of fifteen plus years as an investment banker, both with Camille Gordon and then lastly Jefferies. And following those two, I've acted as either chief financial officer or chief executive officer of a series of companies in the health care sector, most recently with a clinical research organization called Symbic Orion, which we bought and then sold into private equity and running a plural career since the end of twenty nineteen and helping Cambridge Cognition.

2:19 Thank you, Rob. No problem. And let's say I'm Rob Baker. So my background really is in around technology and scaling technology. First of all, starting when I was at Siemens, combining both an economics and engineering background and scaling through to then start working with

2:35 Amazon in the development of voice recognition and natural language understanding processing. And we're essentially looking at how we drive models to improve how we recognize and process voice. And, really, that was one of the driving forces as well as one of the visions around how do we reduce the burden of measuring cognition as easy as if you were sort of measuring your steps, that brought me across the Cambridge Commission just over two and a half years ago.

3:04 So on that piece around vision and as a quick recap, Cambridge Cognition is a brain health software group specializing in digital health products that advance brain health research and treatment. We are built on rich, curated data and deep technical expertise, and we're building a strong global brand with scalable technology that will support the rising world demand for diagnosing and treating brain health. We view creating value through organic sales growth, strategic partnerships, joint ventures, and spinouts. And for us, 2024 was a pivotal year and a year that we really executed a real reset. We built our commercial strategy, we strengthened leadership, and we sharpened focus. And we've come out of that transition stronger, leaner, and already growing again.

3:53 Here are some of the highlights from 2024.

3:57 We delivered 7,400,000 in new sales orders across the year, but importantly, the strong q four performance at 3,100,000 and then continuing that momentum into q one twenty twenty five before '2 4,200,000 in new sales orders. We launched our own in house rate of training service, bringing a new revenue stream in adding margin control and trial delivery. We submitted a letter of intent to the FDA to qualify Cantab as a cognitive measure in schizophrenia trials, a significant regulatory milestone that demonstrates both scientific and strategic credibility. And we were a key technology partner in the intuition brain health study led by Biogen and Apple and published in nature medicine. This is one of the largest studies of its kind and showcases our tools at global scale.

4:49 Importantly, on operational side, we reduced our cost base by 4,400,000 compared to prior year and improved the adjusted EBITDA to just 43 k loss versus 1,000,000 in the prior year, nearly breakeven, and raised 2,600,000 in equity while reducing our borrowings. We ended the year with 1,300,000 in cash, and importantly, our order book grew from, to 13,600,000 and continued to grow through q one to end q one at 5,800,000 5 15,800,000, giving us a clear revenue visibility into 2025 and beyond. So this has not just been just a reset in strategy, but also in results. The business now set up for a stronger, more consistent growth, and we're already seeing that take shape.

5:36 I'll now hand over to Ronald to talk about the finances. Super. So I'm gonna do a couple of slides now dealing with the financial performance of the business. We have the income statement and the balance sheet here. As Rob's already talked about, revenues down from 13,500,000 to 10,300,000. Disappointing, but at one level, not unexpected and due to weakness in the order book at the beginning of the year. And we'll talk about selling as it's gone on through the year because I think it's important for investors to understand what the sales to order book to revenue cycle really looks like in this business. Next to highlight the operating expenses down from 14.4 to 10,000,000. Part of that activity was undertaken in late twenty twenty three. Part of that activity was take undertaken in early twenty twenty four ahead of the fundraising.

6:27 And I think the operating cost base of the business is now stable at this level for some considerable period of time. Clearly, as the business grows and we reach on to our growth ambitions, we're likely to see, cost base increase, but it's not gonna increase in the short term. And, fundamentally, the board, the management team, and all staff are focused on Cambridge COGNITION being a sustainable, revenue generating, profitable, and cash flow generative business. We're not gonna let go of that principle. Yes. We'll invest in the technology, but we have to be a sustainable business, especially in challenging markets like these. That takes us down to our measure of profit, is adjusted EBITDA. Whilst it doesn't come out of the roundings, a marginal loss of 43,000 for the year compared to a loss of 1,000,000.

7:19 So we're really pleased with that turnaround in profitability. If we look at then at the balance sheet, I'm gonna pick out three things.

7:27 On the top line is the investments line. This is the investment in Monument Therapeutics. For those of you that have read the release, you'll understand that Monument is a spinout. It's drug development company, whereas we're a services based business. The company was spun out over a year ago. And during 2024, Monument conducted two fundraisings, and we've simply taken that investment on a mark to market basis based upon the valuation that new external third party investors have paid for shares in Monument Therapeutics. And what this demonstrates is that during the course of the year, you can see that increase from point two to 1,800,000. So significant increase in value as a result of a spinout where we haven't had to put more money in. We've taken the technology of the business, allowed it to become an independent organization, and created real value. From a simply accounting perspective, we're not allowed to put that through the income statement, but that is a an unrealized gain that sits within the business.

8:29 Next, I'll take you down to the two key parts on liquidity, which are cash and loans and borrowings. Cash of 1.3 at the year end. We'd indicated in the trading statement in December that it would be, around 1,000,000, so we're very pleased when we see it close the year at 1,300,000. And the loans, we took out a, a a term loan in 2023 with Capital Partners. Clearly, we can see that that's declined from 2,500,000 at the end of 2023 to 1,900,000 now. And as the year progresses through 2025, we're anticipating that that number will fall again to 900,000 at the end of the year. Okay? So that takes on next slide.

9:16 There you go. So what I really want to do is to focus on the sales to order book to revenue of this business. Lots of people use lots of different words to talk about how we derive income into the company. We refer to new sales as being the contracted value of new business as we sign it with a customer, largely and principally pharmaceutical companies for clinical studies. Clearly, we can't recognize that until the work is done. As they new sales orders are signed, we record them in the order book. And the order book is the total value of work which will be executed in the future. As such, it represents future revenue.

10:03 You can see that at the beginning of the year, we started with 17,200,000, at the end of the year with less at 13.6. But at the 13.6, we had seen a low during the year, and that is increasing. As Rob mentioned earlier, that 13.6 has increased to 15.8 at the end of the first quarter. The 13.6 would have run off showing 6,600,000 of underpinned revenue for 2025. That number has now increased at the end of the first quarter to 8,500,000. Clearly, the year has three further quarters of selling to go, and therefore, we'd anticipate the number being higher than 8,500,000. And, clearly, we are seeking to meet analyst expectations.

10:51 If you look at the chart on the graph on the left hand side, what you'll see is the selling activity during the five quarters, the four for 2024 and the first quarter of twenty twenty five. We've separated this out into the blue bars, which represent new business, and the orange bars, which represent change orders on existing business, on existing clinical studies. Change orders orders are a a constant and welcome for us feature of clinical studies where customers decide to expand their study or expand the things they're looking at or increase the number of patients or sites. That leads to extra revenue that we don't have to go through a new sales activity on.

11:39 The blue bars represent the new sales activity. And what you can see is that relatively or even very low level of selling in the first three quarters, but, actually, that renewed selling in quarter four and in the first quarter of twenty twenty five. And I would suggest to you that a significant part of the increase is due to having Alex Livingston Lermont on board. He joined us at the end of quarter one. It takes anybody a period of time to get on board, to structure the teams they want, to get the sales focus that they want. And six months after his joining, actually, what we're now starting to see is an increase. Clearly, we're moving into quarter two. Quarter two, the pipeline of business that we are chasing is deep.

12:27 It's rich, and it has plenty of opportunity in us in it for us. It's now just a question of us executing what we can and customers making buying decisions. So there's always going to be volatility in selling, but what we can now see is selling back at a level that actually will generate a growing and sustainable business as we move forwards. I'm happy to take questions on finances later. But, Rob, hand back to you. So as we talk about the market opportunities for CAMBRIDGE COGNITION, we're not just talking about a market that is growing, but also one that's fundamentally shifting towards an area that we believe we can do best. But importantly, starting, we cover four areas around clinical trials, primary revenue driver, and demand here is accelerating as more CNS drugs enter development and regulators push for objective digital endpoints,

13:17 and we support that with our cognition and our voice assessments, our electronic clinical outcome assessments, ECOA, and also our data management services as well, including greater training and our automated quality assurance tools. Specifically, that supports the detection of scale administration deviations and recent addition of that to support the avoidance and correction of those deviations with the likes of rater training. This really fills out our clinical service offering to better address our customers' needs and deliver value from the automated technology. Underpinning those products are fully managed services from consultancy through to project and data management and closeout analysis. We are proud of the consistent high levels of positive feedback we receive from customers who work with us, citing not only the relatability of the product and the reliability of the product, but also the level of support they receive throughout the trial.

14:13 Next is academic research, where we continue to see strong global uptake and expansion in research, which really benefits and supported by our CANTAB Connect research platform, a software as a service offering and also supported with collaborations and our research consultancy. In the third pillar of health care, where tools, particularly CANTAB Mobile and CANTAB Insight, we've had presence with over the last decade, support early screening and cognitive monitoring. With treatments emerging for conditions like Alzheimer's, we believe there is a real momentum and opportunity to building in this space. And finally, consumer, a fast emerging opportunity for us. As awareness of brain health grows, there's a demand for valid tools that people can use to monitor cognition themselves.

14:59 It's early stage, but it's a natural fit for our capabilities. We can sell directly, and we can partner. We can license. We already have integrated some major sponsors, and our platform is increasingly API driven so clients can plug into what they need. It's a large, growing, and global opportunity, and we believe we're well positioned to serve it. How we serve it is important, and one of the most important shifts that we've made in 2024 was rebuilding our go to market approach. Firstly, it's important to recognize that we've rebuilt the commercial team. We've strengthened leadership, specifically in experienced CNS business development specialists, and also including market leading. We took a step back and asked what kind of clients do we want, what kind of relationships do we want to build, and what kind of execution do we need to win these contracts consistently.

15:55 We have focused the commercial team at tier one pharmaceutical companies and well funded biotechs, the clients who are running larger, multistudy trials who need a partner they can rely on at scale. We've introduced a much more structured sales process that includes strategic account management, scientific presales, and professionalized and strengthened bid support. We've also started to build a stronger brand presence in the market, supported by targeted lead generation and inside sales campaigns, and we're seeing improved conversion as a result. Outside of pharma and biotech, we're refining our approach to health care and academic markets. We've reassessed our distributor relationships and are now focusing only on those that can scale with us and deliver real results.

16:43 The result is a go to go to market engine that's more focused, more repeatable, and already delivering larger, higher quality contracts. It's a clear step forward in how we engage the market, and we believe that's demonstrated in the bar chart on the right hand side, which represents the percentage share of new sales order by customer category. And as you can see, as we've stepped through '21 through to '24 and already in q one twenty five, representing a larger proportion of our contracted work. Now important as we build the go to market is what we sit and underpin our science and technology foundations. One of Cambridge Cognition's strongest assets is our scientific credibility and the scale of evidence behind our technology. Our our offering continues to evolve with a modular but integrated platform to address customer requirements and reduce vendor and trial burden.

17:36 The advancement of voice enabled data quality management tools integrated into the platform is leading to better efficiency and better outcomes. Not to be undervalued is our brand recognition as one of the leaders in cognitive assessments

17:50 alongside CANITAB and Winterlight, and it continues to be a strong pull across all the market opportunities. We've supported over 500 clinical trials globally, and that's growing. And our tools have been cited in more than 3,000 peer reviewed publications, covering everything from neurodegenerative conditions like Alzheimer's to psychiatric disorders and healthy population studies. That depth of validation matters, especially to pharma and to regulators who demand reliability and precision. But we haven't stopped there as we continue to collaborate on key programs to accelerate the development and the adoption of multimodal biomarkers, recognizing the opportunity that combined measures bring. Alongside the science, we have a strong intellectual property base that includes trademarks, copyright software, original license patents, and more than twenty years of know how embedded into our platform.

18:45 And we're actively turning that IP into new opportunities, developing innovative applications, supporting codevelopment deals, and launching the likes of spinouts of Monument Therapeutics, which in 2024 made a step change in terms of the, raising and also the patents that submitted. We've recognized the value increase from 100,000 to 1,800,000.

19:09 It's a combination of scientific trust, regulatory credibility, and proprietary IP that gives us a strong foundation to scale and defend our position in this growing market. I'll now hand back over to Ronald to talk about the outlook. Super. Thanks, Rob. So this slide shows two things. On the left hand side, you'll see a, a view of the order book over the last few years. Clearly, the company peaked. Clearly, the order book declined. But where we sit today, we have an increased degree of confidence that the selling activities are replacing revenue recognized, that the order book is growing, and that will lead to growing revenues in the future.

19:54 With that growth in revenue, that will allow us to push on the core objective of being a profitable business ongoing. But we say that in a in an opportunity where the market is growing. New products and services that we've brought to market aligned aside the increasing clinical trials, an increasing clinical trials in one of the fastest growing sectors of medicine in central nervous system, mental health, and neurology. This is the last area where the the explosive growth can still be seen. Cancer is a market which is maturing, but the neurosciences are a market which is expanding. The market drivers, aging population. As people get older, guess what?

20:41 The diseases like Alzheimer's become more prevalent. As life extends, these things will increase. The continued awareness and adoption of technology, People can get diagnosed earlier, seek treatment earlier, which improves patients' lives. And positive progress in the drug development community as pharmaceutical companies recognize that they can do something about it as new Alzheimer's drugs are registered and drugs across all of the neurosciences and the mental health issues. The company as a whole has sought change, and that change is to realign the business to drive it into being a profitable business. That reduction in operating costs by 4,400,000 is significant.

21:29 And now that we've integrated a clinical health and Winterlight and are operating as a single business with a right sized research and delivery research and development activity now sets us up for a scalable delivery of technology enabled activities to really support growth as we move forwards.

21:51 Thank you, Ronald. So in summary, there are really three key points that we wanna resonate on. We have reset the business with a profitable model. We've transformed that commercial operations with the tier one focus and a stronger execution. The cost base reduced, but not at the sacrament of short term or even long term objectives. Our operational leverage now boosting profitability. We have strong new business pipeline, which supports sustainable revenue and cash flow growth in the future. We have a unique digital CNS platform with global scale, a fully integrated solution, digital and voice connected assessments, ECOA, and quality assurance tools. We believe we are differentiated, validated, and a scalable platform.

22:36 And we've been embedded in global trials with strong data evidence, regulatory engagement, and IP barriers to entry. But most importantly, it's about the vision of where we want to take this organization, and we believe the business has the potential for brand new new sales orders of 75 to a 100,000,000 by 2030. We believe we can continue creating value through organic sales, strategic partnerships, joint ventures, and spinouts. Now that concludes our formal part of the presentation, and we'll open it up to any questions that you may have.

23:10 That's great, Robert. Well, thank you very much for your presentation. Ladies and gentlemen, please do continue to submit your questions, and you can do so just by using the q and a tab situated on the top right hand corner of your screen. But just while the company take a few moments to review the questions that have been submitted today, I'd like to remind you that recording of this presentation along with a copy of the slides and the published q and a can be accessed via your investor dashboard. As you can see, we have received a number of questions throughout today's presentation. Rob, if I could just hand back to you to run through the questions, I'll pick up from you at the end. Excellent. Thank you very much. I think one of the first ones as I look through is how do you plan to grow sales orders from from 7,400,000 to 75 to 100,000,000 by 2030?

23:52 Any key milestones to measure progress as it's a big jump? We recognize the the step in that, and I think our approach really sits across four key areas around ensuring that we continue to build and sustain core expansion and addressing and investing into that tier one strategy, which has already started to see results and by deepening those relationships and creating the right long term partnerships with those tier one opportunities to address and leverage our technologies to support their clinical trial objectives. We've identified a couple of new segments and IP monetization that we're looking to do drive, and we see that opportunity beyond that traditional, clinical trial space and adjusting to to health care and wellness, leveraging our IP. We've got demonstrated ability to be able to expand that and use that. And, obviously, some of the recent evidence in the largest global health care study that we were part of demonstrated our ability to deliver that at scale.

24:47 It's also important that we recognize that we've got strong strategic partnerships and alliances, but we're looking to continue growing those to support this growth ambition, making sure that our market fit and our market penetration is supported and ensuring that those partnerships are mutually beneficial and help us address the ambition and deliver on the potential of this organization.

25:08 And, also importantly, as we select and look at how we develop the business as a whole across corporate development and ensuring that we can continue to evolve on the market developments and market opportunities that come across, and that we're well positioned to address that. But really importantly, based on thirty years of evidence of technologies that have been built, tried, and tested that are reliable. And when people think of the likes of Cantab, they know it can be a trusted product within both the clinical trial space, within the academic space, and now importantly, the health care

25:40 and also the consumer space as well. Ronald, I don't know whether you want to add anything. No. I I think it's important. I think it is around we're not going to get to that zone necessarily just by doing what we've always done in the past and focusing just on the clinical study part of the business. The academic part is, as you've said, really important because it sets up that the science is credible. And when the science is credible, physicians can trust the data that we generate. That drives into the health care market. By driving into the health care market, we can then produce consumer facing products. And those consumer facing products allow an individual to go and seek help from their GP, the GP to recognize that that data is valid, and then bring it back to the health care professional. All four pillars are symbiotic with each other, and it's important that these work together. So to to reach that point, and it's why we've been very clear today about there being four distinct markets. Yes. We've got a reasonable presence in one of those markets. We've got a developing presence in the second of those markets.

26:45 And then the third and fourth, health care and consumer, we really want to move this forwards. It's not going to be a flash in the pan. We will work to find partnerships with other parties, and the intention is to try and make announcements later in the year and or early into next year and throughout next year. We'll be doing those markets with partners. We're not suddenly going to become a mass health care company or a consumer facing app business.

27:11 There you go, Rob. Thank you. The next question is what realistically can you do to increase sales to geographic areas outside The US? I think it's important to recognize that whilst we have a strong US presence, at the same time, we have been expanding and broadening our, business development capabilities and have already started having a stronger focus within the EU, but we recognize the opportunities within the wider sort of geographic and Asia Pacific opportunity space as well. So we are constantly monitoring the right time to be able to address that efficiently and effectively and make sure that we're positioned to be able to serve that market at the same kind of efficiency and scale that we see success in within The US as well. So we believe we're still well positioned. It's about entering at the right point and driving those opportunities with the right structure as well.

28:04 Next question. I note that your con contracts are five years are five years and cash flow positive by you. When asked by a potential client what assurances you'll be around in five years' time, what reassurance can you give them? Let me take that one because this speaks to the liquidity of the business. I think you you should first recognize that this company is twenty five years old. Over that period of time, the company's raised capital on multiple different occasions, both as private company and then as a public company. So there is a history of its shareholders supporting the business even down to the debt raise in 2023 and the equity raise in 2024. But to the heart of your question,

28:49 a customer needs to believe that we will be here in five years' time. And I think the proof of the pudding is in the announcement that we saw at the beginning of this year where a major global pharmaceutical company has selected us for five year studies, They ask us the questions. They ask how are we going to be here. We answer them honestly. We give them the comfort that the business is strong, is secure, is backed, and that our plans for growth, for maturity, for profitability, for cash flow generation are there. And then they trust us with those studies.

29:24 Ultimately, I don't think we've ever lost any business because they feel that the balance sheet is too unstable or business might not be around Despite the fact that the share price has been a bit volatile over the course of the last couple of years, the business is fundamentally there. And I think with the announcement today about the growth in the business, that only seeks to secure this on an ongoing basis. You. Alright. Next question up is what qualities and skills have the headhunter searching for a new CEO, being guided to to focus on? I think, importantly to state that, you know, as a business, obviously, we have been and had primary focus on delivering the business performance over the last six months, and we've been delivering on that revised commercial strategy.

30:12 There's been a success and with improved order book that demonstrates that. A formal, thorough CEO search and process is underway, and the business will be providing update in due course for that. Yep. Next question is how many of your deals in The US dependent on your customers getting FDA approval? I think, obviously, the customers that we're engaged with, I think it supports why we've got a strong tier one focus. Obviously, they are navigating alongside the evolving, sort of situation within that space, and we are supporting them in terms of ensuring the right measures. Ultimately, pharmaceutical, trials will continue, and we believe that we are supporting them to make sure they have the greatest value and objective outcomes and measures to support a successful trial execution.

31:05 I don't think we're positioned to sort of comment on our sponsor's position with their discussions with the FDA. But at this time, we continue to monitor that and recognize that know, that's an ongoing situation. And the only other thing I would add to that is that the work that we're doing allows our customers to take their potential new drug candidates to the Food and Drug Administration. So I don't think it's that the drugs need to be approved in order to be able to start the clinical studies. It's more the opposite way around that actually our clinical studies facilitate them getting the FDA approval. The next question is how do you see the letter of intent with the FDA the FDA evolving? I think the letter of intent that we submit through has been a real kind of statement of our intention, a statement of our regulatory and data strategy.

31:58 And we're obviously going through the next stages with them in terms of the context of use, specifically within schizophrenia. But, ultimately, what we are looking to do is drive both the regulatory and then ultimately the industry adoption. Adoption. So by establishing these, sort of the likes of CANTAB as a endpoint to that area, then we are further cementing those endpoints as being established and continue to use in future studies as well. So I think it is a blueprint that we continue to invest into and look at other ways of addressing those opportunities in other sort of disease therapeutic areas and something that we're obviously looking to get feedback from the FDA, you know, in relevant due course. I was gonna say, I think the next one's for me. It says the question is, has changed its FY '25 forecast by increasing total admin costs by 1,300,000.

32:52 Five of this increase is admin costs, other sales, marketing. Assuming that, as always, house broker aligns closely with company, what's the extra point five being spent on and why? I and I think the answer is it's not that it's extra spend. I think this is following the end of 2024. Clearly, the cost base was moving. In 2023, there was significant reduction in costs and headcount. In 2024, there's a further significant cost in headcount. And by the end of 2024, we can see what the real underlying cost base of the business is. And I think this actually just reflects a proper understanding of where the cost base is now. Cost base is adequate for what we need. We don't see it increasing materially in the short term as we see an increase in revenue.

33:41 That's intended to drive profitability. And then, yes, the cost base will increase in years to come as revenue steps up, but not at this point in time. Then we have these questions about the, you made a lot of cost savings in '24, departed company with CEO, restructuring costs thing in there. There are no further costs that we're anticipating for, any of the restructuring that was done in 2023 or 2024, as we move forwards. I think we've started to wrap up the last few. I think you made a lot of cost savings fine.

34:27 I know a decrease in r and d in 2024 over 2023. What guidance are you giving to the amount of r and d expenditure over the coming years? Again, I think what we'll see is, particularly in '25, it'll remain at the same sorts of levels that it has been over 2024. As we move into 2026 and beyond, we will scale r and d, but we will scale r and d both with the needs of the business, but also with that focus on, continued profitability. What we don't want to do is to get the business back to a position where the long term or even midterm liquidity of the business is challenged, because of operating losses in the short term. Are you seeing any downward pressures on pricing for your clinical trials?

35:18 I think, you know, the important thing is that we have a, you know, competitive value proposition, which, you know, positions our products in terms of the value that they bring to the clinical trial. I think the important thing is that we continue to make sure that our offering is competitive. It addresses that requirement of the customer, and we reduce within the market consistently. K. And I think the final one we have here is, can you talk about where interest and partnerships in your health care business might come from? I think it's at this point, we've set a team dedicated to to looking at the opportunity and considering our current position and future position. As I said, we've been going through reviewing the current distribution models and partners that we've had to date and making decisions about which ones are ready to be able to support us and our ambitions going forward. And at this point, we're not in a position to be able to share any further kind of positions of of which partnership or who.

36:27 We clearly have a a view about how we can address that, but we're making sure that those partners are also set up to succeed alongside ourselves as well. Absolutely. Think that there is just one one last one, actually. I'll take that because I think it's a good good one to close on, which is what gives you competitive edge breaking into the health care and consumer wellness markets? I go back to looking at why we do what we do and where we have been for the last thirty years and beyond. Think that even though we've been there for that time, we're only really just getting started. And the important thing about that is that we have a brand that is recognized in the clinical trial space. It is a brand that is recognized across health care already about being a reliable and objective measure.

37:15 And what we're looking to do is be out through joint ventures and spin offs to be able to support provide confidence and validity to taking a cognitive assessment for anybody within the public domain or anybody looking to monitor or review their cognitive health. And so from that perspective, I'd of scientific investment and review papers. It's being delivered at large scale in some of the largest, the largest brain health study alongside Biogen and Apple. And so we think we're well positioned from a platform, from an evidence base, and from ensuring that we've got the right brand to be able to support that being then consumed and used within the health care and consumer market.

38:06 That's great, Rob Ronald. I'd just like to thank you for updating investors today. Could I please ask investors not to close this session as you now be automatically redirected to provide your feedback in order the management team 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 management team of Cambridge COGNITION HOLDINGS PLC, we'd like to thank you for attending today's presentation, and good morning to you all.