Incanthera (AQUIS:INC) — Interim results for the six months ended 30 September 2020

0:03 Good afternoon, ladies and gentlemen, and welcome to the INCANTHERA PLC Interim Results for the Six Months Ended 09/30/2020. Throughout this presentation, investors will be in listen only mode. Questions are encouraged and can be submitted at any time using the Q and A tab situated on the right hand corner of your screen. Just simply type in your question in the box below 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. These will be

0:33 available via your Investor Meet company dashboard. I'd also like to remind you that this presentation is being recorded. Before we begin, we would like to submit to the following poll, and we'll be delighted if you could respond to that. And I'd now like to hand over to Simon Ward, CEO and Tim McCarthy, Chairman of INCANTHERA. Good afternoon. Good afternoon. Mark, thank you very much for that short introduction. So I'm Tim McCarthy, chairman of INCANTHERA. I'm joined today by Simon, as Mark said, who's CEO, and Suzanne Brock, who's head of communications, who's actually done all the hard work today setting all this up. So thank you very much, Suzanne. Thank you very relative well, Simon and I have the relatively easy job, I think, of just presenting it, having had it all prepared for us. So thank you very much for that.

1:23 So we're gonna run through the slides. And as Mark mentioned, if you have any questions, please just message them in, and we'll do our best to to answer them at the end. And what we're gonna do is share the presentation between myself and Simon. We're gonna switch our cameras off whilst we do the presentation, if you don't mind, so we can all concentrate on the slides. But then we'll switch them back on at the end when we're doing the press the the q and a. So we're just all gonna do that now. Hopefully, if we can work the technology.

1:57 Yep. Okay. There we go. So welcome once again, ladies and gentlemen, to the presentation, the occasion being the publication this morning of INCANTHERA's interim results for the six months ended 09/30/2020. This next slide, actually, I just want to highlight the the strapline or two straplines, really. The novel cancer medicines through targeted technology, which is very much the theme of the company. And the business model, which we'll come back to in a moment, is the strap line right at the bottom, which is acquire, prepare, and commercialize. And this presentation has been put together, for those of you who know us already.

2:45 So a bit of an update and an opportunity for you to interact with us, by the q and a. But it's it's also with the mind we put some a couple of slides in there which you'll see with a little bit of the history of the company just in case you're new to us, or you just need reminding of, of what the genesis of the company. So that's Simon and I. Very brief bios. I'm sure we probably met most of you on the call anyway, but if you haven't, give give you a a second just to read those. But in brief, my background is very much in the sector for the last thirty five years or so, very much from a financial background coming up through CFO positions and CEO. Simon is very much the sort of mirror image of me in terms of scientific background, coming up similarly through the industry in a in a similar sort of time frame as chief scientific officer and then CEO of various companies. So hopefully, between us, we know which way to point the ship.

3:44 So highlights from today. These are highlights from the interim results, which, hopefully, you may have seen, published early this morning. And it's very much concentrating on our SOL development. And Simon will go into the background of sole a little bit more and some of the technology behind it. But the the message today is very much that we were absolutely delighted with the studies that we ran through this year. Delighted from a couple of of, points of view, really. One, from the results themselves, but also the fact that in these very difficult times which we're all facing this year, that we were able to get these studies done and to the the level of of quality and and efficiency that that we we hoped. In fact, probably exceeded our expectations.

4:32 And I won't go into this in too much detail because I'll let Simon explain it more himself. But there were two studies we ran. One was the permeation study and one was the SENSE citation. And just to remind you, SOL is our product for the treatment of actinic keratosis, which is the precursor to to skin cancer. And the two studies, the permeation study is the demonstration that we can deliver this, this product, the active within the product through the skin to where it's supposed to go to. And the sensitization study is essentially just demonstrating that it does no harm and it's, it's it's very, very good, on the skin. I won't say any more than that actually because I think it's probably more appropriate if Simon goes into the detailed results for you, which were, in our own words, quite stunning.

5:25 And as you would expect, with any company like ourselves, the the subject of intellectual property and and patent coverage is extremely important. And we also announced this year that we had filed a new patent for SOL, which, further extends its coverage, both in terms of of, the claims which we're making, but also in terms of time. So that gives us protection out to 2041. From a financial perspective, the message here is everything is bang on track. We came to the market, as you know, in February this year onto the Aquis market, and we set out, our proposal at that point that the main focus in the first twelve to eighteen months for the company was to get sold through the last stage of development into a commercial partner. And with that, we raised the money to do it. And so, the financial budget, that we presented at the time, we are we're bang on track with that.

6:26 And, during the year, in fact, just towards the end of September, we collected the remaining subscription from the IPO totaling £350,000. And that actually just to to look at that for a moment, that, I hope, sends a really good signal from everybody because there was an existing investor, in fact, was INCANTHERA PUT IN 250 of that, and the 100,000 was actually subscribed by myself and the rest of the team, board of directors and the rest of the team. So hopefully, sending yet more very strong signals from ourselves and our belief in this company and the technology. We we finished the period at the end of September with just over 400,000 in cash And operating losses, as I say, were were bang on target at just under 500,000.

7:15 And just to emphasize that level of cash, we are a very, very lean company. There's only five of us in the company. So the three of us we introduced just now. And our COO, Pavel, and our CFO and company secretary, Laura. And we we are virtual is the the word that we all use in this industry now. So we for example, when we did the studies for Sol in the in the the summer this year, they were all out licensed sorry. Not out licensed outsourced, I should say. And so we don't we don't run any overheads. We don't run any infrastructure, and it makes us extremely lean. So be assured that we we certainly have enough cash runway to deliver on our objectives of commercializing Sol. So this is the slide that I mentioned earlier on that just to I'll I'll give a little bit of background just for those of you who are not familiar with with those as as maybe some others on the call.

8:09 So the the company was established originally as a spinout from the Institute of Cancer Therapeutics, which is on the campus of University of Bradford. And if you look at Institute of Cancer Therapeutics and you squash it up, that's where you get INCANTHERA. We call the institute ICT for short, but but certainly the name INCANTHERA is derived from from there. And, Simon actually was the cofounder along with the university, of the company, and he was approached, a little while ago now, about ten years ago or more, to see whether he could help the university to spin their technologies out. And the result of that was the company, INCANTHERA. And so if you're familiar with the company, we've got, a portfolio of of cancer opportunities which we are developing.

8:59 And not exclusively, but a number of those have come from the institute. And at the time of setting the company up, Simon entered into what we call a pipeline agreement with the university and the ICT whereby we get first look at anything that they are researching into at the ICT. And that's a continuing source of of new opportunities for us, which is which is fantastic. And we have very, very close links still with the ICT. We run a an open catch up call with them the other day with all the scientists and the PhD students there. So it's it's a really, really good relationship we have. And I think it's important for a company like INCANTHERA that we do have a continuing source of new opportunities, which we can we can feed in the bottom and and as we sort of take the the products out to commercialization at the top, so to speak.

9:51 So the next bullet point is essentially the strap line on the bottom, which I mentioned earlier, which is the acquire, prepare, and commercialize. And I'll come back to that in just a moment. But by accessing technologies and product opportunities through the university, we also have acquired other technologies and products from outside. So Sol, for example, is a very good example. It's not something that came to the university. It came I'm sure Simon will explain from his background in the dermatology field and one of his contacts through that. And the the way that we are managing the portfolio is very much back to this acquire, prepare, commercialize. So we acquire from all different sources. We prepare only as much as we need to in terms of development, and then we look to as quickly and efficiently as we can take those products out into commercial partners such that we are building not a portfolio development assets, but we're building over time a portfolio of revenue generating deals, licenses, commercialization deals in whatever shape or form they take.

10:57 So the next bullet point you'll see is the first commercial deal for company's asset, e p 15. This was actually the very first piece of technology that we spun out of the ICT that Simon established a company with, and we signed a deal for that in 06/02/2017. So you can see that the cycle of acquired, prepared, commercialized, we've already proven that that cycle. And the next to do is Sol, and that is very much a near to market asset because we're going down a slightly different commercialization route through the cosmetic route from pharmaceutical. So that is very close to market. So I'm sure, again, Simon will will will touch on. And just to finalize, as you know, the the latest big step forward corporately for the company is when we close on the Atcus market in February early this year.

11:52 So our approach, I've I've touched on this already. We are very much focused in the area of oncology. And what we want to do is identify those technologies in the area which are which are different in one way or the other. We're we're not interested in just following on as a second or third in a particular area of oncology. And when we identify something, we acquire all those intellectual property rights. So for example, everything we've acquired from the ICT in Bradford, we have acquired, so we own it 100%. It's not licensed in from university, and that's important to us to make sure that, you know, we have total control over it. There's no possibility that it can be sort of taken back at any particular time. And then once we've brought it in, we look at what we need to do to get it to a point where we can license it. And different product, profiles have have different requirements in order to move them forward. Some are very quick. Some take a little bit longer. But our aim is to spend as little of our shareholder money as we as we have to in

12:55 order to get it to a point where we can commercialize it and get it out. Now if we're going down the pharmaceutical route, we surely appreciate that commercialization for us is getting a partner who starts to give us some revenue. The commercialization of the drug itself will take a little bit longer through the the the normal pharmaceutical development path. Quite different for SOLE, which which we will come back to. But it it is very much about us taking those products and giving them to a partner so we don't have to spend our valuable cash, shelled cash on those products any longer, that we start to get the revenue streams coming through. And then that is the cycle. And as the last bullet point says, we we repeat it again. So we acquire, we prepare, commercialize, and we go back to the beginning, and we start to bring some other products and do the same.

13:44 So at this point, I'm actually gonna hand over to Simon who's gonna take you through particularly Sol and put a little bit more background into perhaps how we acquired it, if you can maybe just cover that, Simon, and, the the market in general and and Sol in particular. So over to you, Simon. Thank you, Tim. No. That's great. And, hello everybody listening in, this afternoon. INCANTHERA really is an oncology specialist oncology company and those of you who've heard us speak before, will know we're very interested in drugs that seek out cancers, and attack cancers on their own without trying to damage any of course the normal healthy tissue around it. So we're very much into specialised delivery.

14:30 And prior to Sol we were really concentrating on pro drug delivery, in other words using the chemistry of the actual cancer killing element of the drug to actually switch on, and kill the tumor specifically and exclusively. With SOLE, as as Tim has mentioned, it's a little bit different. We're here now looking at the skin and the real delivery challenge with the skin, for any medicament or any type of therapy is actually to cross that skin barrier or to permeate into it and actually find the tumour in this case or the cell that's suffering some kind of disease that's going wrong without losing the ability to actually treat. So the skin is you know designed to be a physical, chemical, physical barrier to keep things out and and this is always a huge challenge. And so people do spend a long time, whole lifetimes in fact studying the skin barrier and how to manipulate it and how to get chemistry to actually push its way in, and through the skin.

15:24 And one of the the the great success stories is is a friend of mine, professor Adrian Davis, is a world renowned topical formulator, and he's also extremely inventive. And he came to me, as as Tim sort of alluded to, a year or so ago to say, look, I've got something that might be really interesting, in the in the cancer area. I've got a topical formulation that actually finally can push a particular active ingredient through into the skin to where it needs to be. And that active ingredient is known well known actually, through clinical trials to, prevent and to treat, skin eruptions called solar keratosis in the first instance. And this is very, involved process with with, skin cancer and cancers that arise from UV radiation in general.

16:13 And you'll have heard me talk before about this prevalence of of cancers at the moment, in particular UV induced cancers or sun induced cancers actually going up and up and up, particularly in The UK but actually all over the world. And along with this of course we're seeing an increase in the rise of deaths of some of the invasive skin cancers particularly melanoma and I think that's that's the one particular cancer that everybody is very well aware of. However, are other forms of cancers and other forms of cancers are also invasive and also have a very poor prognosis. So let's come back to solar keratosis. Solar keratosis is a precancerous area. It's the first site that you'll see that the sun has damaged your skin. It's that red blotchy scaly crusty sort of skin that comes from normal skin, sun damage and also tanning.

17:01 So sun beds were are obviously huge culprits in in this particular cancer. Esodic keratosis actually is the most common skin, condition caused by sun damage and at the moment, across the world actually, we're up to about twenty six percent. So one in four men will suffer this particular eruption on the skin, slightly lower in women, but not all that much lower, but it is slightly lower in women. And following on from that, there's a twenty percent chance of any solar keratosis actually transforming into a squamous cell carcinoma. And squamous cell carcinomas actually account for ninety percent of all skin cancers. So with our ingredient that can actually prevent this cellular keratosis forming and treat cellular keratosis that are in place, we have a really good opportunity here to actually nip in the bud the formation of skin cancers that arise from UV and sun damage, UV irradiation and sun damage.

17:57 So what have we been doing? Well well, we've got this formulation. We've got this ingredient. You know, it clearly works very well. It's very exciting both from a commercial point of view and from from treating a highly prevalent and rising prevalent disease, in our populations. It's it's ready to go. It's kind of in a pot or nicely made up, but of course, we have to prove certain elements of the cream to actually have it registered or to or to license it onto a partner for for future development and marketing. And the two key areas clearly are efficacy, and also, of course, it has to be safe. So what do we do about efficacy? Well, the efficacy of the actual active that's in the pot we already know works. That's great. We don't have to do very much with that at all. What we have to do though is to prove that our topical formulation can deliver enough functional active through the skin to the site of the tumor.

18:52 And how we do that is we take a measure of bioequivalence. What that means is we use a skin model to have a look at that permeation into the skin and we have a look at the flux rate of that so we can see how much stays in that skin with any one sort of delivery. And we compare that with what we know in the, in the previous studies, the clinical trials that were all done by delivering this particular active orally. And we see if those two meet or if we can exceed the delivery characteristics of the active. So that's what a bioequivalent study is. And for us that means an in vitro system where we take human skin. It's suspended in what's called a French chamber. You've got an inside and an outside. We can put the cream on the outside, obviously, and we can measure where our active goes within the skin.

19:38 And we had previously stated before that our sole formulation actually exceeds that bioequivalence test. So we know we can now get, actual active through the skin, in a greater concentration than what has been proven to be delivered orally, which is great news. But then we went one step further, and we actually compared it against some comparative products that that are already out there that that include this activity. And we we significantly and statistically beat them in in our delivery profile. So we're we're actually extremely excited about that result. We weren't expecting it at all. So that that's sort of point number one. That's great. We've got something that actually will deliver it, should work, it's there, and it's actually beating competitors. Great. How about safety? Safety obviously is a huge concern for these types of products. They're gonna be slapped on all the time.

20:27 People will just use them as a preventative as well as a treatment no matter what the labeling is. It's just like a sun cream. They're going to be widely used so it does need to be safe. Our challenge over this period with what's going out globally is that we couldn't really access clinical trials. So we had to look at different ways of trying to prove the safety. And, through some of our collaborators, we managed to find a group who do an ex vivo test. In other words, it's using human skin materials, but it's not on the live patient. That has is acceptable as a as a safety, test for the regulatory purposes. And this test itself was was really exciting for us. It actually labeled our product as a non irritant and non irritants is is the highest category of safety if you like that you can get. And it's comparable to creams that are out there that we will put on or where we are quite happy to put on baby skin. And baby skin is of course one of the most sensitive skins that there is. So it really has to be very safe. So again, we've shown our product is safe, but not only that, we've gone one step further and showed it's actually extremely safe.

21:34 And we're clearly extremely excited. So we've got the two big boxes ticked there. And And that proof of efficacy and the proof of safety, it it basically reaffirms that the assets technology is good, strong, and has a has a high commercial value. And, of course, our next step is to to take that forward to a licensing partner or to commercialize it in in any way that we possibly can to realize that, that high value.

22:02 So that's talking about SOL. I'll just, just remind you what else we have in the pipeline. The SOL is the way we present the pipeline is probably important to say is because we are very much concerned with taking assets and getting them to a licensing partner as soon as possible. We tend to put them in order of of the proximity to our market, to a licensing partner or to a to a launch or or to whatever. So Sol is up there as our main focus as that's very close to going out the door. Tim's already spoken about e p zero zero one five, and that's already been licensed, been now licensed

22:35 to Ellipse, so that's great. That's done and and gone. And Equine and DuoC are two pipeline products that we come back to, are are activating a molecule to kill a cancer type approach. So what we call this pro drug approach, and focus for the liver brain and mainly bladder and colorectal cancers. And those are either at the preclinical stage or approaching the the preclinical quite rapidly. So those are in the pocket for next in line, for the company to focus on as soon as we've we've, commercialized salt. So I think, it's quite an exciting time for INCANTHERA. We've got quite a deep portfolio there and it's obviously rolling along as fast as we possibly can even given what's been happening, of course, to the world over the last twelve months.

23:22 So Salt's a great example of our business model, and it's something that we we we keep refreshing and we keep in mind all the time. You know, we have this broad pipeline portfolio. What that actually gives us is is a reliance not upon one single technology. So a lot of biotech companies won't have some really clever original technology that they're gonna apply here, there, and everywhere. Obviously, the problem being that either works or it doesn't. We we actually have a pipeline that spreads across different technologies, gives us a bit of depth in our portfolio. We develop our products exclusively for commercialization, and they're not really interested in hanging on to these products as far as possible and just pumping, r and d money into it to get get it up that value chain. We want to get it out at the right time, obviously, and we we want a nice value for these things, but we want to get it out, turn around, and do it again.

24:12 And it's a matter of just keep pedaling that that cycle to get these products out. And so in that sense, we are targeting early commercial deals, and maximizing, of course, all of the money that comes in. It plows straight into those programs and gets it out, heading towards those near term revenues as soon as possible. So on on the near term revenue sentence, I think I'll, hand back to the financial overview. And Tim, would you like to jump in again? Yes. Of course. Just before I I go on to this, Simon, I think it it might be worth explaining the path to market for salt because it is slightly different, isn't it, than if we're talking about some of our other products and the pharmaceutical route. Would you mind just taking a minute out on that and explain the cosmetic route through?

25:04 Okay. For any topical formulation, you do you do have choices, sort of how you're going to put that into the marketplace. Being an oncology company, I think people really do think primarily about medicines. And, as a topical formulation, as a medicine, it would actually come under the guidelines of the regulatory authorities, MHRA and EMA, and would have to step through all of the various clinical trials that we're all very familiar with, in the world of pharmaceuticals and biotechnologies, which of course takes a long time and takes a lot of money. However, with topical medicines where active is not necessarily defined as a medicine, it can also go through a cosmetic route. So a lot of active sun creams, a lot of emollient therapies for things like psoriasis and eczema have this kind of labeling.

25:55 They perform like a medicine, but they're not a medicine. The labeling doesn't say we're going to treat, but we know that the pot will actually alleviate the symptoms and signs and symptoms of these particular diseases. So we can if we choose to go down another route and that is the cosmetic route and use this for the same application but with careful labeling. So it is primarily there to treat and prevent, solar keratosis and the formation of skin cancers due to UV irradiation. But it wouldn't then have to step through the various clinical trials associated with the medicine. And that means you can go and knock on doors of a different type of company. We can go start talking to companies that are interested in developing novel sun creams with this kind of quality medical approach embedded into them or indeed to create sun cream out of Sol itself and market it that way.

26:45 Great. Thank you, Sam. I think it was important just to differentiate so that people understand when we talk about near to market for sole that we actually really do meet near to market as opposed to, you know, a long process from here on in. Mhmm. Okay. Thank you. So I'll just cover another couple of slides. So the financial overview, I covered the the top half of this slide earlier on. The the overall message here is that we we have a we have a a good financial position. We've got more than enough to cash, I mean, to deliver on our promise at IPO, And everything is bang on track. So absolutely no surprises in the in the financials and the numbers from the from the report this morning. From the investment perspective, clearly, that was the big event for us corporately this year to to get the IPO away on Aquis, and we were absolutely delighted.

27:38 It happened right at the end of February in probably one of the worst capital markets that I've ever seen. I'm sure an awful lot of people would agree with me. So we were delighted with the the support we got firstly from Aquis in in in assisting our IPO and and all the all the advisers that that we have around us. You know, Ken, who are our financial adviser and and Stamp Capital, who are our broker. The guys, you know, have done a done a fantastic job then, they continue to do a a good job. And we we brought onboard as a result of that IPO some really good solid shareholders, investors alongside the original investors that we had right from the time the company was formed. So we've got a a good balance between institution shareholders, what a lot of people call retail shareholders or individuals.

28:30 And, of course, there's a there's a big investment in there from from from the management team itself. So all along, the the company's history both as a private company and on the IPO itself. And as I mentioned earlier, when we we topped up with the subscriptions in September, we if I can use the old phrase, we are putting our money where our mouth is. You know, we are all big shareholders in the company, and we continue to put our cash into it. So I hope that sends some sort of signal. And what we have seen with all of the operational, successes we've had this year that Simon's just been through, now that has sent out very, very strong signals about the the positive progression of soul towards its its end game of

29:14 of commercialization. And that has translated into a a fantastic debut on on Aquis, and that's translated into share price performance, which, you know, we're we're delighted with, absolutely delighted with. And I think the public listing gives us that platform both in terms of being able to do things like we are today in this presentation, but but also gives us, the opportunity, when we're doing our commercial activities. And I've always found that, you know, if you're if you're coming from a public platform public company platform, in in a lot of ways, it's easy to engage with potential commercial partners because before you even start talking to them, they probably got a good idea of who you are and they can they can look at the the website and they look at all the the disclosures and and all the presentations, everything that we do as a public company.

30:05 And so on that score, I'm sure Sam might would would definitely endorse this. Please visit the website because over the last six months or so, we've done quite a lot of interviews, and presentations which which are on the website, and I'm sure you'll get something out of that. So last slide, just if I can just go over.

30:30 There we are. So just to wrap up before we go to any q and a, we we've set out we've set our stall out. We set our stall out at IPO. We are delivering on that in in every single way that we've described to you today, and we're absolutely confident continuing to deliver, you know, as we move into the year in in 2021. Now having said that, you know, we're not gonna sit on our laurels.

30:56 We are continually assessing new opportunities that absolutely looking at the ICT are doing in in Bradford and, you know, continue to work closely with them as as we go through. But our what our our current portfolio demonstrates is that we are more than capable, and we will continue to access other technology and other opportunities from other sources as well. And so that's a constant review process which we go through. So you can be confident that we will continue on our cycle in terms of that acquire part, and then we will continue to build and and get those commercial licenses coming out the other end. So everything is looking really good at the moment. And I have to say through the through the the the IPO on Aquis, We're also very delighted in the way that we've had support from across the city and as as I mentioned before from all the advisers and and a little plug for Aquis.

31:56 They've done a fantastic job. They're they're very, very much engaged with us in the pre IPO process and and very much afterwards. And Suzanne leads our efforts there. And, you know, we've we've we've built a really good profile through through the Aquis through the Aquis market. And so, you know, I have to say we're delighted with with the with the the listing there. Okay. That does bring us to the final slide. So in terms of how we go from here, Mark That's perfect. Thank you very much. I'll hand back to you for the moment. Yes, definitely. Thank you, Tim, and thank you, Simon. Thank you very much indeed for the presentation. Ladies and gentlemen, please do continue to submit your questions using the Q and A tab situated on the right hand corner of your screen. But I'd like to remind you that a recording of this presentation, along with a copy of the slides and the published Q and A, will be available on your Investor Meet company, and you'll receive an e mail notification when that is ready for you to review.

32:51 I'd also like to remind you that your feedback is important to the company. And I would very much encourage you to provide your feedback to the company. Simon, Tim, obviously, we've got a number of pre submitted questions to go through. And then I'll hand over to you for those that have come in through the live event.

33:18 Perhaps I could ask you at that point, when you do look at the live questions that you read them out just so that other investors on the call can can hear what they were asking. But in terms of the pre submitted questions, the first one I'd like to ask you was what did SOL cost the company so far in terms of investment?

33:35 Okay. Mark, I think maybe for the q and a, should we put our cameras back on so it's a little bit more interesting? Feel feel free. Absolutely. I won't put mine on for in case people cut off, but but yes. Absolutely. Okay. So yeah. So just just to repeat the question, what did SOL cost the company so far in terms of investment? Okay. Suzanne, can you can you join us too? Or because we might wanna throw a question to you. I think Suzanne has she she's just coming back into the link now. So she Oh, okay. But she'll be coming Well, if if we can, that'd be great. But let's let's just run through what we've got so far. So we've got a question from Abby. Let me read it out. Thanks for the update. I have two questions. Number one, what do you see as the greatest risk to your strategy moving forward?

34:21 And number two, when do you see monetizing your investment in Seoul? Okay. I'm gonna throw the first one to Simon. What do we see as the greatest risk to your strategy moving forward? I think a business strategy strategy or sole strategy, I'll I'll take it as sole strategy as your second question refers to sole. I think now we're in a position where actually the risk is really on finding the right partner, choosing which market to to go to or choosing whether we can go to both, that being the therapeutics market versus the the quasi medicines or cosmeceuticals cosmetic industry. You know, I think I think the company is leaning on speed and size, so the cosmetics is clearly appealing, but, you know, we have choices to keep the therapeutic sector back or we can bundle it all up into one package.

35:14 So actually, think I think from from you elucidating the question a bit more, our challenges now moving forward are really getting the right deal for Sol. Yeah. Thank you, Simon. And if we if we take the diff the the alternative on yeah. Interpretation of that question, in terms of stretching the greatest risk to our overall corporate strategy going forward, What we've we've always tried to do is is look at the company and the business we're in, which is in itself a risk business developing products from from any source. And we've tried to put the business model together in such a way that we minimize those risks as far as we can. You can never eliminate development risk in this business. That's just the business we're in. I'm sure you all understand that. But if you look back at the the business model which we explained to you, the the way that we've identified various sources of new technologies to keep the pipeline fed, and the fact that we minimize the investment and minimize in that sense the the risk to to to the company and and its shareholders.

36:19 We've done certainly what we can identify,

36:24 we can do to minimize the risk to our strategy as much as we can. So, hopefully, we will have some success through that. To the the the second part of the question, when do you see monetizing your investment in Sol? Well, we all I can do is repeat the the messages that we sent out so far. We we clearly can't can't get you involved in all the discussions and everything that we're currently having for obvious reasons. But, you know, we've been very clear that our our main focus now is to commercialize Soul, which in turn will monetize that investment or that that product, I should say. And what we've said quite quite clearly from the beginning when we came to the market is that we we hope within twelve to eighteen months from the IPO that we will have commercialized Sol. In other words, we will have got it to a commercial partner.

37:23 So came to the market in February. We're now in December, so we're just over halfway. So certainly in 2021, we're confident that we will deliver this product to a commercial partner and that will start monetization of that product. So what else do we have? Richard, any chance of moving on to the AIM market? Well, after the the hopefully, the fantastic endorsement just given to the ACRUS market, I don't think that's forefront of mind. You know, one can never discount any corporate movement, whatever that may be. And it to to be fair, it's not the first time we've been asked the question, would we consider moving to the AI market?

38:12 However, I I think one has to put it into context that the the the reason that question is asked is because I think there's a lot of views that the Aquis market is still quite quite young. It's developing. There are a question of is does it have the same liquidity in terms of share trading that that AIM has? And our view on that is that we are absolutely on the right market at the right time, I. E. Aquis, for for where we are in our in our development. We actually have seen some good share trading and and a bit of volume in our in our stocks since we came to the market, and we fully expect that to increase as as we move forward. And in my own personal view, it is that Aquis, will develop even more, over the next period.

38:59 They're they're putting a lot of investment into their technology platform, in terms of their promotion, and and, you know, we work with them alongside, you know, all the time. Suzanne sorry. Thanks for just joining us, Suzanne. We just go through q and a. And I'll just explain the the question about moving to the a market, but our view of where we are with Aquis. Yeah. And and you work with Aquis probably more than any of us in the team in terms of they are continue to put a lot of investment into Aquis market and the technology and the platforms, everything. And just a couple of words on that in terms of, you know, how we interact with them. Certainly. I mean, they kind of went through a transaction about the same time as us. I mean, they were next when we went on, and I think we were probably the last transaction, I think, just before they changed to Aquis. So going through a transition themselves, but they've done an enormous job in terms of infrastructure financing.

39:54 They put incentive to incentives in for market makers, brokers. They're totally pushing the growth company aspect of the exchange, exchange, and I think there's a huge gap that was left by AIM, sort of sub 50,000,000, where it became very, very obstructive to try and get onto the market. And Aquas are opening doors and really promoting and putting everything they've got behind growth companies, companies, which is fantastic. And we couldn't be happier. They are so approachable. They've promoted us. They have helped us. They've been very the the corporate governance sort of aspect of things as well has been fantastic with the exchange. And we couldn't have asked for more in the last eight months, nine months since we've been listed. And we're delighted for them that the market's growing as it is, we're and we're really, really pleased to be, you know, as they've listed a success story for for the market so far, and we hope that continues. But they've been they've been the perfect match for us.

40:52 Yeah. I I absolutely agree with that. Thank you, Susan. Okay. We've got another follow on question from Richard who asked about the aid market. So did the new shares come with EIS? So enterprise investment scheme. Yes. They did. We've we've been qualified for EIS. And actually, as a research based company, you get a a little bit more leeway there as well. So both as a private company when we raised money and when we came to market, yes, we're able to offer EIS relief on that. Tim And we've continued going forward. Sorry, Tim. If I could just come in because obviously I can see there's the live questions. There were some pre submitted questions. If if I could possibly throw those at the team and perhaps you could give a response where it's appropriate. The first question is what did SOLE cost the company so far in terms of investment? That was the first one, if I could throw that at you.

41:44 Okay. How much it cost? Now when people ask that, generally, they say, well, can we have a look at your numbers and, you know, how much have you got in your r and d budget and or spend for a particular product? We look at Sol slightly differently because as Simon explained, this this this product opportunity came from one of his ex colleagues and a very good friend of his, professor Davis, who I mean, Simon helped me out here. I mean, he's been in the business for a lot of lot of years. Very, very experienced guy, isn't he? Working in big pharma, GSK, etcetera. So if I were to say many decades, I wouldn't be over over egging that Simon, I don't think will I. And so what the the technology behind Sol is very much as a result of what what professor Davis has has developed over his sort of career, which I say is many decades.

42:40 And he's he's continually refining it. He is applying it in different ways. And in this particular incident, he has applied that underlying technology to the sole opportunity group we have and which he offered to Simon. So we, as a company, relative to normal development program, to spend very little cash per se. The the two studies that we did this year, for example, didn't actually we didn't spend an awful lot of money, not in normal sort of pharmaceutical development terms. But what we are benefiting from is the massive amounts of investment and time that have gone on previously with professor Davis's career, which is we are then able to take the benefit off. So fantastic from from our perspective and our shareholders' perspective.

43:32 But very much SOL fits into the same category that we've we've said very much about our portfolio that we we aim to spend the minimum we can in order to get it moved on. And as I say, our next objective for SOL is to move it on in 2021. Yeah. Thank you very much indeed. Thank you very much indeed, Tim. I I am just mindful. I know that you have meetings today. I also know that investor feedback is important to you. I'm also mindful that just on Simon's audio issue there that he just momentarily lost connection with you, Tim. Perhaps I could just ask you on the basis of just if any other questions do come in from investors on this call, what we can do is is make those available to you on your dashboard. But perhaps I could just ask you, Tim, for a few words to wrap up. And then what I'll do is I will redirect investors to provide you feedback.

44:23 Okay. Thank you very much, Mark. Well, firstly, thank you all very much for taking the time out to to listen to us today. What we've tried to do is two things, give you either reminder or an introduction to the company from where it started and what we believe is is a fairly unique business model and way we're approaching the development of of our products. The the overall message that we we we wanna get across with these interim results today is very much that we've met everything in terms of the timelines and and the objectives that we set ourselves at IPO. And you can probably see from the way we're presenting this and the smiles on the faces, we're absolutely delighted with the way the the operational development has gone, but also equally delighted at the way on the corporate side, the the introduction to to the to the public market through Aquis and and then the support of everybody around that as as we've gone through the last six months.

45:25 And we're very, very much looking forward to having a bit of a break of a Christmas, hopefully, and hitting the New Year with lots of expectations and hopefully some some good delivery on our part. And we we are very open company. Hopefully, you've got all the email addresses. And please reach out to us at any time if you've got further questions. But I know, as Mark just said, you can still put questions into this platform if you wish. But if you wanna come direct, then then please come and talk to us. We're very, very happy to talk to you at any time. So thank you once again, Mark and your colleague, for giving us the opportunity to present today. And wish you all a very, very, very happy Christmas, Merry Christmas, and Happy New Year to what has been a difficult year for all of us. Us. But let's hope next year looks a bit better. Tim, one note to finish on. Thank you very much indeed.

46:21 Simon, Tim, Suzanne, thank you very much indeed for updating investors today. Could I please ask investors not to close this session as you'll now be automatically redirected for the opportunity to provide feedback. If you access this link, via the email that we sent to you, you'll be asked to log back in just simply to, put in your feedback. But if you access this via our platform, the feedback page will automatically appear in front of you. We'd very much encourage you, if possible, to provide company your views and expectations. On behalf of the management team of INCANTHERA, we'd like to thank you very much for attending today's presentation. That now concludes today's session, and good afternoon to you all. Thank you once again for attending.