Coiled Therapeutics (LSE:COIL) — Introduction to the Company

0:01 Good morning and welcome to the Rockford Therapeutics PLC Introductory Investor Presentation. Throughout this recorded presentation, investors will be in listen only mode. Questions are encouraged and can be submitted at any time by the Q and A tab situated on the right hand 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 it receives during the meeting itself. However, the company will review all questions submitted today and publish responses where it is appropriate to do so. Before we begin, I'd I'd like to submit the following poll. I'd now like to hand you over to doctor Greta Robertson, chief scientific officer and Stephen West, executive chairman. Good morning to you. Good morning, everyone. My name is Steve West. I am the cofounder and chairman of Rockford Therapeutics. I'm a chartered accountant with over twenty six years of experience working with companies, predominantly with growth companies, and know the public market sphere very well.

0:55 And I'll just pass you over quickly to Graham just to give you a bit of background on himself before we dive into the presentation. Hi. Yeah. I'm doctor Graham Robertson. I'm the chief scientific officer of Luramid that was recently acquired by Rockford. I've been connected with the MidKind program to develop drugs targeting Midkind since 2015 and oversaw the transition from an original Sydney based company into the Rockford London based entity. So back to you, Steve.

1:27 Thanks, Graham. So diving straight in, disclaimer, we'll skip over that. I can read that at your leisure. But as an introduction to the company, so we are a UK biotech company. We're listed on the on the London main market, and the ticket code is ROQ. We're actually listed as a cash shell back in March last year. And then we acquired a company called Lyramid in December last year. And so we we've now transitioned into a to a fully fledged biotech company. We our business is developing drugs through the preclinical phase, and then the idea is to

1:57 to partner with or sell to big pharma. And we're fully funded for that that process. So at the moment, we are focused on a novel target called MidCon. It's all about knocking out Midkind out of the system, and we'll go into that in a bit more detail as we go through the slide pack. But we are utilizing RNA therapeutic drugs for this drug development phase. So moving away from traditional antibody style drugs. Now potential treatments for MIDKINE inhibition is quite far reaching. So it includes cancer, chronic inflammatory disease, autoimmunity, and COVID nineteen. And And these are all significant drug markets. You're talking multiple billions of dollars. I mean, cancer alone is a $160,000,000,000.

2:43 So our our focus, funny enough, is is cancer. One reason is the lucrative market that presents itself, but it's also it's the quickest target for us to get into the clinic. So we are specifically looking at developing drugs, RNA therapeutic style drugs to reduce mid con levels in human in human tumors. And in addition to that, we're also looking at improving cancer immunotherapy responses. So we'll go into more detail about these specific items later on. In terms of the timetable, we have a very aggressive timetable. So we're looking at getting drugs into clinical trials by 2023. And as we go along that journey and to deliver that that key milestone, there'll be lots of key value value inflection points along the way. So as investor, that's gonna translate to lots of news flow during the rest of 2022 and into 2023.

3:39 So if we move into the investment case, so there's quite a bit here. But, essentially, we're we're fully funded. So we did a fundraise in December last year. We raised £3,000,000, which doesn't sound like a lot for a biotech company, but it it is enough for us to deliver on the milestones that we've set out. And the reason is is because we're utilizing a new drug style called RNA therapeutics rather than anti antibody style drugs. And we're looking at getting, as I said, drugs into clinic by 2023. And we're doing that by working with world class scientists. So you've met Graham briefly virtually. He's a world class expert in MidCon. We also have a recent addition to the company as an adviser to the board in professor Trevor Jones. He is an industry veteran. He's got over forty five years experience. He was on the r and d. He was a as a main board member for r and d for the Wellcome Trust for a number of years. He was also involved as an NED with Allergen, a $65,000,000,000 company, and he is an adviser to the government on on health issues, including COVID nineteen at the moment. So to have someone like that involved is is is amazing, actually, and I I think it validates we're we're we're on to something here.

4:55 We also have collaborations with a number of medical research institutes, and specifically, we have one with the Murdoch University in Australia and professor Steve Wilson, who is a pioneer of the the the specific type style of drug that we're developing, and he's actually taken that style of drug into patients. So that that's very important. The disease target we're we're targeting is MidCon as I mentioned, and it's all about knocking MidCon out of the system. It's actually a novel disease targets. There's no drugs in the market targeting this disease target. So and we we hold the globe global IP portfolio around that which protects that disease target as well. So that's incredibly lucrative.

5:43 And as I mentioned, we're we're developing drugs through the RNA therapeutic style, it's quicker and cheaper. I mean, a a perfect example is the mRNA vaccines that hit markets a couple, you know, a year year back or so. The speed at which they were developed was phenomenal. And so we we're using utilizing that same style of of technology. The disease targets, I mean, lots of disease targets that we we can target. They're all very lucrative. They're all tens of billions up to $100,000,000,000 market sizes. We are specifically we're specifically chosen cancer for our first indication for clinical trials. The cancer market is about 160,000,000,000, and then a subset of that is immunotherapy, which is about $75,000,000,000. So they're the markets that we're we're targeting for our first our first target.

6:32 And in terms of where we are now, our market cap is sub £7,000,000. So it is a fraction of the potential value here. So we we see our job as as hitting these milestones and delivering value over the next twelve to eighteen months, and it it should be a significant increase in share price. Would hope we can deliver on these milestones. We have good liquidity, 57% free float, and only just under 72,000,000 shares on issue. So very tightly held share base, which I think sets us up well for for good news when when we do release that into the market. And finally, I think the most important point for us is the management is very well incentivized. So the directors hold about 12% of the shares on issue, and management also holds warrants as well to make sure they're rewarded as we deliver on these milestones.

7:25 Now moving on to the board and management team, I I'm not gonna go through everyone here, and I've I've introduced myself. Graham's introduced himself. Just to reemphasize, he is a world class expert in Mecan. So Graham is driving this process for us. I've mentioned professor Trevor Jones who is is an amazing addition to the company, and he's the the fact he's decided to join us on this journey is, as as I said, I think a validation that we're doing the right thing yet. And then on in terms of the nonexec directors, they're set out there. I think the one to mention there is doctor Michael Stein. He's a commercial commercially minded scientist, and he's been involved in in a number of startups as well. So is is very important part of the management team as well. So moving on to MidCon. So I've mentioned the word MidCon a number of times here, and I guess the question on lots of people's lips is what is midkind? So I want to sort of describe it in a very basic way here.

8:24 So if we look at this slide here, midkind is a growth factor protein. It's abundant in embryos. It helps the embryo form into the human body. So it's an essential part of that process. At birth, it's switched off effectively. And in healthy adults, it's barely detectable. So it sort of sits there in the background. However, what we've proven through over ten years of research to know the $40,000,000 of investment, we've proven that in a number of disease processes, it increases dramatically.

8:54 And we've also proven if you can knock out Mecan or inhibit Mecan in these disease processes, the body responds a lot more positively to those diseases. And and there's examples as we work our way through, we can see this visually, specifically with tumors. So our whole business is all about knocking out MYC kind and delivering drugs to do that.

9:18 So I'll pass it over to Graham now just to go through a bit more of the science. Thanks, Steve. So you can see here the squeal in the middle. That's essentially the MidCon protein, and that's just a scientific diagrammatic way of representing it. The key take home message from here from from this slide is that midkind impacts on many different disease processes. And so on the right hand side of the slide, you can see that it impacts on cancer immunotherapy resistance and response. So these are the big blockbuster new drugs that are underpinning a whole generation of cancer treatments based on essentially switching back on the immune system.

10:07 The problem there is that about half of all melanoma patients and up to ninety percent in other tumor types of patients just don't respond to these UBUT new generation immunotherapy drugs. However, it's been demonstrated very clearly that MYCKINE essentially blocks the body's immune system from targeting the tumor, from attacking the tumor. It essentially derails the normal body's immune responses, and blocking MIDKINE stops that process. So that's why we feel that cancer is one of our best opportunities and specifically to overcome immunotherapy resistance exhibited by a lot of cancer patients.

10:58 On top of that, it's been shown that MIDKINE drives tumor metastasis, so this is the process whereby a primary tumor spreads around to other organs in the body, and it's usually the metastases that are fatal. So combined, these are two major areas of cancer biology that MidCon can impact on. I won't go through all the details of the rest of them because our main focus is cancer, but just on the left hand side, these inflammatory responses, fibrosis and autoimmunity show how MidKind impinges on critical disease processes, again driving pro inflammatory responses that underpin many significant diseases,

11:44 and fibrosis is another very common area linked to inflammatory responses, autoimmunity such as multiple sclerosis or lupus. MYCIND has also been shown to be on the scene of the crime and drive these processes. So therefore, MYCIND affords a huge opportunity beyond just cancer, but that's our main focus initially. And so as Steve alluded to earlier, over 10 of research by, LyraMed and its precursor companies and a large investment on our part and a lot of academic groups around the world have shown that if you block MIDKINE in a whole range of different diseases, including cancer and cancer immunotherapy resistance, your progression of the disease is slowed, you can overcome the resistance to treatment in cancer, and you get huge benefit.

12:44 So that's why we think that MIDKIND is a key player in a whole lot of these different diseases, and therefore blocking it will be an advantage. Now, just to focus in on cancer, this is one excellent example of how blocking MIDKINE has been of benefit. This is a mouse tumour model in which if you can see the ugly bits of tissue there in the diagram are actually human brain tumors grown in mice, and this is the way they usually grow in the presence of what we call full length midkind, so that's normal midkind. However, when we introduce a shortened form of midkind, which effectively interferes with normal midkind, you can see that there is a massive reduction in tumour growth. The tumours essentially stop growing and fade away.

13:40 So this shows that blocking midcine in this particularly nasty, insidious form of brain cancer called neuroblastoma can be effective. And as we said before on the previous slide, MYCKIND contributes to is the underlying cause of critical tumor processes that rewires the tumor microenvironment and that leads to immunotherapy resistance. So these are the major drugs, Keytruda, Opdivo, and so forth, that have really revolutionized cancer treatment, but I stress again, only a proportion of patients get benefit. Metastasis, critically important. MIDKIND drives metastasis. And also there are various other aspects of tumour biology that MIDKIND has been shown to be involved in. I won't go into the details of them, but in summary, if we can block MidCon and get at least an improvement in immunotherapy response, but any of these other aspects, then there will be a massive benefit for patients.

14:48 So we feel that the targeted delivery of a mid kind drug, and this is based on these new oligonucleotide RNA therapeutics, If we can introduce mid kind oligonucleotide drug into cancer patients, it will represent a very novel anticancer treatment strategy and especially overcoming immunotherapy resistance, and that is ultimately, currently, the holy grail of cancer treatments. So I'll pass the slide back to Steve to pick up from here. Thanks, Graham. So we're currently in the preclinical drug discovery phase. And as I mentioned, we've got the largest global patent portfolio on MidCon, so that that's protecting some of the work that we're doing and provides a a platform to develop these first class drugs that we're developing in order to inhibit MIDCON.

15:43 So what we are doing at the moment is a specific style of RNA therapeutic drug. It's called an antisense oligonucleotide. I've mentioned professor Steve Wilson at Murdoch University. He's a pioneer in in this type of drug development and certainly a world class expert in this field. So we're able to utilize Steve Wilson and his team at Murdoch University. And with their team, we've successfully designed and selected drug lead drug targets or candidates.

16:12 We've already we've already carried out some in vitro some in vitro testing of his lead drug candidates on human cancer cells. The the results have been very positive and in line with our initial expectations before we carried out the tests. And this has led to us lodging a new patient, composition of massive patient, it's called. And that's in order to protect this work that we've done in developing this new this new style of drug, and that was announced earlier this week. So that's an important milestone for us. And now it's all about moving on to a specific target. We and that target that we mentioned a few times now is cancer. So it's cancer. It's also a subset of that, which is immunotherapy. So it's all about testing the drug candidate's efficacy in altering the human human tumor cell behavior.

17:01 We do this through in vivo experiments in mouse cancer models. And in addition, we're well, in conjunction with that, we are entering into some collaborations with some leading medical research institutes that specialize in specific types of tumors that we're we're targeting. And they also specialize in cancer immunotherapy. And as you can imagine, some of these medical research institutes in Australia are are leaders in their field, having you know, especially melanoma being so prevalent down in Australia. So that's that's essentially what we've achieved to date and where what our next steps are, and we're incredibly excited with the results so far. So in terms of the work that needs to be undertaken, I'm not gonna run you through every single milestone here, but what what I'm trying to demonstrate here is we only started this process in q four last year. So we've we've achieved an incredible amount here in in such a short period of time.

17:56 So to date, we have worked with a a world class leader in the specific style of of drug, the antisense oligonucleotide, and we've developed some lead drug compounds. We've done our initial in vitro optimization and

18:12 screening and testing. The results have been very, very positive. We've done our PMO drug production, and now we've lodged our composition of matter patients, which we announced on Monday. So now we're moving into cancer cell based in vivo efficacy testing. So that's going to be done with Murdoch University and also with the collaborations with some other medical research institutes as well. And then below that, you can see the other steps that we need to undertake over the next sort of six to twelve months, which will get us to deliver a drug into clinical trials by 2023. So it's a very it is a very aggressive time timeline. We acknowledge that, but we think it is achievable, and I think what we've achieved to date demonstrates that we can achieve a lot over a short period of time.

19:01 And what this translates to as a as an investor is a couple of things. One is news flow along the way. So we do hope to be able to demonstrate to the market market our progress as we work our through our way through this and the different value inflection points. But I think the at the end of the day, we can deliver a drug into clinical trials in 2023. That's a huge value inflection point, and I'll go through that in a minute. But you're talking billions of dollars if we if we can get to that that point.

19:35 So in terms of market and exit exit potential, so we've mentioned that MYCON has been proven to be linked to lots of different disease settings. So cancer, anti inflammatory, autoimmune, COVID nineteen, they're all huge markets. Cancer alone is actually a $160,000,000,000, but a subset of that is cancer immunotherapy, which is $75,000,000,000. So that's our target for getting our first drug into the clinic. And the reason is, obviously, it's a lucrative market, but it's it's it's the quickest drug target to get into the market in into clinical trials as well. So that's why we've chosen chosen cancer. Now the idea here is to get into clinical trials and then either partner or sell out to big pharma. So we see that as being an achievable event in 2023.

20:28 And just as an example of other companies that have managed to achieve this, if you look at sort of the two the two examples I've I've given here on the slide, the reason I've chosen these examples are twofold. One is it's a similar type of style of drug that they these guys have developed, and they're also at the same kind of stage as what we see ourselves being at later this year. So if you look at Mallocrods acquiring Silence, that was a $2,100,000,000

20:59 deal size, and Genetech acquiring Skywalk, $2,000,000,000 deal size. So this is this is what we're aiming for. This is our whole business model is to develop drugs, get into clinic, and partner with big pharma like these other other companies have done here.

21:19 So in summary, we are a market leader in MidCon. We hold the the largest global IP portfolio about around MidCon, and we our business at the moment is all about developing RNA therapeutic drugs to inhibit MidCon. And we see significant growth potential in the in the markets that we that we can penetrate. So and the reason being, it's it's a novel disease target. As I mentioned, there's no drugs in the market targeting MidCon. So it's an open playing field for us. And then in terms of the drug markets, we're looking to penetrate, again, you know, big numbers, tens of billions up to a $100,100 billions hundreds of billions in market size. So we can get get a slice of that. It's gonna be incredibly lucrative.

22:06 The specific style of drug we're we're developing, RNA therapeutics, it's faster. So as demonstrated by the mRNA COVID vaccines, that's a lot more cost effective than the traditional antibody approach. And that's why we compete as a small company in in this in this market.

22:24 And our business model, which we think is very strong, allows value creation at a very early stage. So we're only talking, you know, till 2023 where we hit our our huge milestone with lots of little mini mini milestones along the way. And as I just went through this, there's a couple of examples of significant exits when when companies get to that stage. So we are in preclinical with drug discovery, as I mentioned. The results have been highly encouraging. We're incredibly excited with where we are in terms of the journey so far. We are fully funded. It's worth mentioning as well. We do get a 42 and a half percent cash rebate on all our r and d expenditure as well, so that certainly helps. And we are looking at at potential government grants as well to help the funding as well. So fully funded. There's no no problem there. And our job is all about unlocking significant value that we see in the acquisition of Lyramid and

23:24 the business model we're creating MIDKIN inhibiting drugs. So that's that concludes our presentation. So I'll hand it back to Alessandro now. Steven, Graham, thank you very much for your presentation. Ladies and gentlemen, please do continue to submit your questions using the q and a tab situated in the top right hand corner of your screen. But just while Steven and Graham take a few moments to review those questions 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 investor dashboard. Steven Graham, as you can see, we've received a number of questions throughout today's presentation, and thank you to all the investors for submitting those. Could ask you to please read out the questions and give responses where it's appropriate to do so, and then I'll pick up from you both at the end. Sure. Great. Okay. Thanks, Alexandra. And thanks, everyone, for your time for for listening us listening to our presentation. So we've got a got a number of questions here.

24:13 I'll I'll I'll try and answer as many of them as I can. So the first one we have here is what attracted you to Midkind and the opportunity? So there's a number of things that number of things that attracted us to Midkind. And so I think the first thing is it was early stage. There was significant unrealized value in the in the business that Lirimid was was running. So Lirimid is the company we acquired that held held the the MidCon business. Lirimid held the largest IP portfolio around Con, so there's a lot of value there and protection around the work that have been done. And I think the most exciting thing is it's a novel disease target. So as I've said a couple of times now, there's no drugs in the market targeting Mid Con. So it is an open playing field for us, and it it's around a target where the causal effect has already been proven through extensive research. So lots of money spent, lots of time spent, and lots of publications in independent third party journals, over a thousand, I think.

25:13 So it's it's a proven science, and it's all about getting the drugs into the body to to knock out Mecan now. And if we can do that, we've got a very successful business here. And I think that the final thing to note as well with me, Khan, is we're able to utilize the new technology around RNA therapeutic drugs as well. So we get them into the market a lot quicker and cheaper, we can compete in this market as well. Next question is what kind of collaborations are you pursuing? Would you partner with big pharma in the preclinical stage? Good question. Yeah. So we we've already got a collaboration with Murdoch University, which I've mentioned. That's kind of been key to us developing our drug lead drug candidates.

26:01 We are looking at entering into a couple of other collaborations at the moment. That's to support our next stage of the drug discovery, which is around testing specific types of tumors and immunotherapy. So we'll be entering those hopefully quite soon. And, yeah, we were we were happened to be approached by big pharma. We'd certainly engage with them. As I said a couple of times, that's our our end goal is to engage with big pharma next year. Think yeah. One more. So why has no big pharma entered the space? Good question. I think, you know, it's one of those things where big pharma kinda sits back and lets the smaller companies undertake the more risky early stage development, and they sit back and watch. And if it's successful, they come in and sweep, and they buy it up or they or they or they partner with with that company. And that fits very nicely with our business model. So we're we're very happy with that.

27:04 And I think also it's worth mentioning the extensive IP protection that we have here. So it's kind of hard for them to penetrate the market now as well because we've got a lot of the IP wrapped up. Do do you want me to handle the next one, Steve? Yeah. Is that is that the cancer one? No. It's what what does the next phase of trials look like? Okay. And and when can we expect to see the initial data from that? So as as Steve has outlined and I've mentioned, we're entering into collaborations with very credible cancer research groups. One in particular is a world leader. They've had recent papers in the highest scientific journal in Nature on cancer immunotherapy.

27:54 And so we'll do initial testing in cancer cells grown in vitro these are cancer cells grown in a petri dish, and that allows us to get the first results on whether these new mid kind targeted drugs, the antisense oligonucleotides, will actually change cancer cell behavior grown in a petri dish. And that's a way to essentially move on to the next phase, which is in vivo live experiments in which mice bearing tumors, which essentially recapture the process of resistance to immunotherapy.

28:41 And so we'll begin those experiments, in vitro experiments, quite soon. And over the q three from the mid year from mid year on, we'll start in vivo experiments dosing mice with our mid kind targeted oligonucleotides in combination therapies, combination treatments with immunotherapy drugs such as Keytruda and Opdivo. And this will really test whether we can improve the response. These these particular models will have been selected because they don't respond very well to the checkpoint inhibitors, checkpoint inhibitor blockade, which is the form of immunotherapy that MIDKIND stops prevents happening.

29:33 So we'll start those experiments mid year on, and we would expect to start to see results from that in towards the end of q three and into q four twenty twenty two. So, yeah, that's that that's the style of experiment that that we're heading for. We will also do some experiments in a brain cancer model that's a continuation of the example that I explained earlier in the presentation, and that's with a very good group that looks at glioma, neuroblastoma, and various other very dangerous forms of brain cancer. And so they're the two strands of work that we'll be doing in that next phase, testing the reagents.

30:20 Thanks, Graham. So another question is the acquisition of LyraMid looks very credible. What funding is required to commercialize the first patients? And from a timing perspective, when is this likely to happen? So, yes, we we I agree. Yeah. The LyraMed acquisition, we're very excited about that. And it's given us an opportunity to enter into a market with with a novel disease target. So we're very excited by that. In terms of funding, so we are fully funded, as I said, up until getting the drug in into the clinic in 2023. So I guess, do we look at the the fact that we're using utilizing RNA therapeutic drugs rather than traditional antibody drugs? It's a lot quicker and cheaper.

31:09 And I guess the question is how cheap is it? So we think based on the work we're doing, we can get a drug into clinic for around 2,000,000 US dollars. So we we are fully funded for that. And keeping in mind that we also have a 42 and a half percent cash rebate from the government as well. So if any surprises come up, we can also fund those those surprises as well. So, yeah, the results to date are exciting, and we look at delivering further results, which we're fully funded for. Next question is, do you have any institutional shareholders, and do management hold equity? No. We do not have any institutional shareholders yet. That is something we'll be working on this year. So we'll be trying to link up with industry specific brokers in order so we can penetrate the institutional market.

32:03 And then in terms of management holding equity, yes. Absolutely. So management holds about 12% of the company in shares. And in in addition, there are warrant packages in place as well with strike prices sort of 15 to 20 p in order to to incentivize staff and reward staff as we deliver our milestones. There's a question here. Just to confirm, your first program is targeting melanoma, skin cancer in combination with immune inhibitors? Not quite. So we are we are targeting tumors and specifically brain cancer tumors on on the one hand, and then we are targeting immune well, working alongside immune checkpoint inhibitors, so immunotherapy.

32:55 And, yeah, that that's that's our targets at the moment. Sorry. Just reading the next questions. If I can just add around the melanoma skin cancer in combination with checkpoint inhibitors, that is a focus. However, the the link between mid kind and altering the body's immune responses goes beyond just melanoma. So at the moment, the immune checkpoint inhibitors are really branching out in a whole lot of other tumor types, and we'll definitely pursue them as well. So these could be colorectal cancer and other forms of cancer, lung cancer, so that we can really get a very broad base. While the focus is melanoma, it's not exclusively melanoma.

33:53 If I could just continue, there's a question from Colin just on what type of delivery vehicle is planned for emersense oligonucleotide in the context of polar tumors. So this is where working in with professor Wilton at MedHoc University is is a great help for us because he essentially took from concept to patient the development of antisense oligonucleotides for Duchenne's muscular dystrophy, which involved having a delivery vehicle attached to the oligonucleotide. So that's a critical component of the whole strategy. And those delivery vehicles, one of the first ones we'll try are so called self penetrating peptides, which have been shown to work in the context of Duchenne's, but we'll also consider lipid nanoparticles, and that is largely because of the great momentum that's built up around mRNA therapeutics generally, both oligonucleotides and mRNA, based on the COVID vaccines, mRNA vaccines, which are wrapped up in lipid nanoparticles.

35:13 So we'll consider both, but one of the front runners will be the self penetrating peptides. And that was followed I think Colin had another question on that. No. Can't find it. Sorry. I'll pass back to you, Steven. Yeah. No. I think Colin just had another one to sort of which I think you've asked anyway, but just asking about I think it's it's referring to a specific slide, which I think is probably this one where we talk about delivery vehicle design, and it is this slide is very simplistic. So I've actually split that out as a separate milestone, but Colin's absolutely right. So the delivery vehicle design will be done in in conjunction with the in vivo testing.

36:03 So they they kinda go hand in hand with each other. So I think that's all that questions covered. Steven and Graham, thank you for that. I think you managed to address all those questions from investors. And of course, the company will review any further questions submitted and will publish those responses on the investment company platform. But just before redirecting investors to provide you with their feedback, which I know is particularly important to you both. Steven, could I just ask you for a few closing comments? Yeah. Sure. I mean, firstly, thanks everyone for your time. I think in terms of closing comments, I just really wanna drive home the fact that we are a company with a very small market cap. My job, I see, is being trying to raise awareness amongst our industry peers of what what we're doing here. We're also raising awareness amongst investors, and and then I want to make sure we deliver on the milestones that we've set out here today with the ultimate goal of delivering a cancer drug into clinic, which inhibits Mecan by 2023.

37:08 And by doing that, we're gonna unlock significant value along the way. We're gonna be hitting lots of milestones along the way, I think. And I think the rest of the team is very excited about what we've done so far, and we're very excited about the journey journey forward. So thanks for your time. Steve and Graham, thanks for your time, and thank you very much for updating investors today. Could I please ask investors not to close the session as you'll now be automatically redirected to provide your feedback in order that the management team can better understand your views and expectations? This will only take a few minutes to complete, but I'm sure it'll be greatly valued by the company. On behalf of the management team at Brockport Therapeutics PLC, we'd like to thank you for attending today's presentation, and good morning to you all. Thank you. Thank you.