Physiomics (LSE:PYC) — Audited results for the year ended 30 June 2025,

0:00 Good afternoon, and welcome to the PHYSIOMICS PLC investor presentation. Throughout this recorded presentation, investors will be in listen only mode. Questions are encouraged and could be submitted at any time via the q and a tab situated on the right hand corner of your screen. Simply type in your questions and press send. The company may not be in a position to answer every question it receives during the meeting itself. However, the company can review all questions submitted today and 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 over to doctor Peter Sargent, CEO. Good afternoon, sir.

0:31 Thank you. Hello, and, welcome all to PHYSIOMICS end of year company update. Let me just move on the slide. So as most of you know, my name is Peter Sargent. I'm the CEO here at PHYSIOMICS, and I'm joined here today by our nonexec chairman, doctor Jim Millen. So the purpose of this presentation is to give those of you who are less familiar, with the business a brief overview of of what we do and and who we are. Then off the back of our recently released results for our financial year ending the 06/30/2025, give an overview of how the business has performed over the year and what we've been up to.

1:16 Following this, I will then give an update as to how we're tracking this year so far and our strategy. I know many of you have already submitted questions for us already, so we'll be sure to leave plenty of time at the end of the presentation to answer these questions along with any additional questions you submit during this session.

1:42 Okay, so for those of you who are less familiar with PHYSIOMICS, we're a data driven contract research organisation and consultancy supporting biopharma and research institutes around the world, develop new drugs. So we've built the business around these three core capabilities shown here in the Venn diagram. The first one being quantitative pharmacology. So this is the use of mathematical modeling and AI techniques to understand and predict the behavior of drugs in biological systems such as humans or in animals. The second capability is around data science and biostatistics. So this is the ability to identify, curate, analyze and visualize kind of complex and often quite disparate data, driving insights from that data.

2:31 And then the third capability is around disease biology. So this is the understanding of the underlying biological mechanisms of disease. So initially we developed this capability focused primarily around oncology, but more recently we've developed capabilities into new therapeutic areas such as immunology, infectious disease and cardiovascular. So how we apply these capabilities? So the business focuses these capabilities into two main areas. One of which is our consultancy services or contract research services. And then the second one is in our internal r and d where we're developing personalized dosing tools. The services, from the services side, they fall into three main areas. So the first one is modeling and simulation or model informed drug development, which I'll use that term going, you know, within this presentation.

3:25 So this services service has been, our historic core service, and it's where we help our clients make better use of the data or data in the public domain by creating mathematical models to help predict the outcome of their research and their drugs behavior, really helping them guide and make smarter research decisions and also supporting regulatory and investment decisions and submissions. The second service is our new service offering biometrics. So biometrics itself is actually an umbrella term that encompasses biostatistics, statistical programming and data management. And with this service, we're supporting clients, with the setup, conduct and reporting of their clinical trials. So a very important area of drug development.

4:17 Finally, the third service, data science and bioinformatics. So this is actually an integral part of the first two services, modeling and simulation and biostatistics. So going forward in this presentation, I'll probably be just referring to the first two services. But the reason why I wanted to highlight this service here is that actually, even though it is an integral part of the first two services, it can actually be a standalone service and we've already delivered a couple of projects based on this. Outside the consultancy services part of the business, as I mentioned, the business has been developing a personalized medicine dosing software. So this is utilizing many of the modeling techniques we use in our consultancy services to develop tools that allow clinicians to tailor the dose patients receive, during, during therapy.

5:15 So to add a bit more context here, in many therapies, typically receive standard doses of drugs. But as you all know, we're all very different with different sizes, different metabolisms, different genetics. So people have typically very different outcomes to the same dose. So therefore, tailoring the dose to fit individual patients is becoming increasingly important in maximizing patient outcome. And I will come to talk about this in a bit more detail in later slides. So considering our core services, so the modeling and biometrics, you might be asking, okay, why are we focused on those? What's the opportunity for the business? So looking at this from a client perspective, drug developers, as, I'm sure you're aware, are, you know, it is they face a lot of challenges when developing new drugs.

6:14 Firstly, drug development is extremely costly and time consuming, but actually the probability of success, is very low. And to give some context there, when you're looking at drugs which are in kind of discovery phase, only between 12% of those drugs will actually make it to market. And even when you look at those assets which are, further up the value chain and are entering the clinic, still only nine to 14% of those drugs will actually make it to market. So, you know, very low probability of success. These pressures on the companies are actually being compounded further by, increasingly stringent regulations, you know, by regulators such as the and EMA.

7:03 In addition to these pressures, our clients and these companies are seeing challenges around the increasing volume and complexity of data being generated from research and are therefore looking at ways in which they can better use this data to address some of the kind of broader challenges I've just mentioned above. And it's this latter point which is actually certainly where modeling and comes into play. And the right hand side of this slide actually gives an example of how, model informed drug development supports, drug development. I won't go through each of these points one by one, but as you can see, the impact of modeling and simulation has a huge impact on, you know, the cost of drugs, saving up to, 500,000,000, dollars in drug developments.

7:58 They are known to increase the probability of success and they can also, save upwards of two years off the development time. Then going down to biometrics or biostatistics statistical programming, this is slightly a different need here from our clients or or market pull as utilizing kind of solid biostatistics and programming and data management management in actual drug development is actually a legal requirement. So all companies need to follow this and include biometrics, you know, solid biometrics when running a clinical trial. Which is slightly different to the modelling side of things where modelling is not yet a legal requirement or regulatory requirement in drug development.

8:46 But also just the point, you know, poor statistical design as you can imagine, does negatively impact drug success rate. So highlighting really the need for companies developing new drugs to ensure that they have experienced statisticians helping them with their trial design.

9:11 So the benefits of these services also reflect in where the markets are tracking. So I've broken this down this slide into the kind of the three main areas in which the company operates. And as you'll see by these projections, you know, going from the the top down, the modeling and simulation market is is set to grow significantly over the the next few years with a compound annual growth rate of of around about 17.5%. So increase in size from $3,790,000,000 in 2024 up to 13.65 by 2032. So a huge growth there.

9:58 And similarly with the biometric service market, which actually is currently larger than the modeling modeling simulation market, is set to grow even faster at a growth rate of around about 23.8%, upwards, reaching up to kind of 40,000,000,000 by 2013. So from a service perspective, this opens up significant opportunity for for us as a business to grow into these markets, certainly around biometrics where we're only at the beginning of, you know, our journey with that service line following its its recent launch. So away from the service side, I've always reported some data around our model informed dosing markets, around the model informed dosing markets, or kind of personalized dosing markets.

10:44 Again, this market is to kind of grow significantly over the coming years and certainly in North America, which is an opportunity for PHYSIOMICS, when we take into account our partnership with The US firm DoseMe.

11:03 So that's a brief introduction to who we are and the opportunities for the business. Switching gears, a bit and looking at how we did last year. So that's for the financial year ending the 06/30/2025. So many of the changes we made following our strategic review early in 2024 have really started positively impacting kind of the top line numbers. So as you can see here, total income grew 46%, so up to 834 k from 570 k from the previous year. Operating loss and loss after tax both decreased by 32% year on year. Surplus of shareholder funds was $6.92 k at the end of the year compared to $2.82 k the previous year.

11:53 And then also cash and cash equivalents was up to $4.61 k from 191 k the previous year. Now in actual fact the cash position at the end of the year was a bit lower than what we had initially hoped due to a high amount of trade debtors up to 246 versus a 103 the previous year. And the reason why the trade debtors were slightly higher at the end of this last financial year compared to the rest was primarily down to a couple of large client invoice payments just falling outside the year just by a couple of days. So, you we've now got that cash in the bank, but, unfortunately, it hasn't been reflected in the the the cash figures here. Finally, the year also resulted in us successfully raising over £900,000 of of funds to help grow our our various growth initiatives, which hopefully many of you many of which are are starting to to bear fruit.

12:54 So expand a tiny bit on the previous slide and compare trends over the last three years. As you'll see, total income is trending up to a three year high operating losses is trending down to a a three year low. And this has been helped along by, tight cost cost cost control kind of procedures within the business, keeping operating costs, roughly in line with inflation. So operating operating costs increased, around about 3% from, f y twenty four to, f y twenty five. And the previous two years, the operating costs increased by 5%. We're still, you know, as as well as trying to grow the business, we are trying to, you know, keep control, take control of the costs and ensure that we focus the investments in into the right right areas.

13:51 So what have we done differently this year? Certainly, a big area of investment has been around our business development and marketing. And to be clear here, this this focus is focused primarily on our consultancy services. So the year SOAR has attained seven key events for our industry, including events in Europe and US, with PHYSIOMICS providing sponsorship for one of those events where we were able to put our brand in across the event and actually, present in one of the many key sessions. The attendance of these events are actually a very important tool for us here at PHYSIOMICS because firstly, they enable us to, meet new clients and check-in with our our current clients, ensuring that we maintain those relationships.

14:42 But they're also an important source of market marketing technical intelligence, you know, helping us keep an eye on trends, learning about new techniques, as well as keeping an eye on on some of our competitors and and and what they're doing in the market. So in addition, we've continued to invest in in our marketing, with refreshing of our messaging and and, carrying out various kind of social media and targeted marketing campaigns. We also developed a a kind of established partnership with a consultancy, Weatherdon, who specialize in clinical development strategy and support drug developers. So this collaboration has been, very fruitful, only in helping us amplify our messaging and and reach out to a a broader, set of of clients, but it's actually also resulted in a number of client opportunities for us, which has been fantastic.

15:40 Finally, we've also had a successful year around our scientific publications and thought leadership, and we're we're certainly proud of our three papers with, STLAS, Merck, and then Kyra as, you know, it's these types of materials that are very powerful way to credentialize credentialize the impact of our services when we are, talking to new clients and trying to win new business. So looking at kind of what investment, what kind of return on on investments in in that BD and marketing is is looking like. So we're certainly picking up momentum in our pipeline. So since our strategic review back in 2024, the total value of contracts won in the years has increased significantly, with the actual two year average now being over £1,000,000 worth of new contracts each year, which when compared to the previous five five years is a 63% increase. So, you know, a significant increase in our our business development, output.

16:46 I've also talked previously about expanding our service offering and diversifying our client base. So this year certainly has seen a lot of progress in this area. We've successfully launched our biometric service line and won our first two biometrics contracts with total value of 111 k. We were historically an oncology focused consultancy. Now 50 of our consultancy projects support the development of new drugs in areas outside oncology, so in areas such as immunology and cardiovascular disease. We've also increased the win rate of our, contracts from new clients, moving further away from that kind of overreliance of, you know, one or two key clients, which maybe we were we're historically dependent on.

17:37 And finally, we've also worked on our success rate, so increasing that conversion of opportunities to contracts. And last year, we, had a conversion rate of 45% versus 27% in the previous two years. So, you know, a significant increase there. So moving away from BD and marketing, the consultant team has been, you know, very busy in the year with delivering over 15 projects across eight different clients, including clients in the based here in The UK and EU, Switzerland, and and US. These clients have been a real mix of kind of new and repeat business, including projects for some of the more established clients as you you may have heard of us talk about before, so Newmab and CI UK.

18:31 Actually, at the start of the year, Newmab had some fantastic news regarding their n m 26 assets, which we supported them with. And after a successful start of their clinical program, they actually sold this asset to J and J for a staggering $1,250,000,000, which is, you know, a a huge success for them. Reflecting the expansion of services, you know, I mentioned in the previous slide, as you can see here the projects delivered in the year covered a wide range of different therapeutic areas, techniques and modalities. And then also in line with our growth plans, the year also saw us continue to invest in many of the new systems and processes within the team along with the development of kind of new function and functionality in our kind of proprietary virtual tumor model.

19:22 So expanding that ready to to to support a wider subset of of clients. So that is primarily around that kind of our consultancy services. So, looking at how we've progressed and what we've progressed from the personalized medicine dosing tool perspective. So as a reminder, this dosing software is to support dosing decisions for, the chemotherapy agent docetaxel, but also dosing decisions for an expensive biological drug known as GSSF which actually treats the side effects of chemotherapy. So primarily funded by government grants and government grants, a working version of the dosing software has now been developed.

20:13 The next step to NINTS development is to carry out kind of further calibration and validation of this tool, to really refine its performance and generate kind of the evidence required to, support commercialization. So to do this, real world data from patients undergoing treatment is needed, and the company has been exploring two different avenues, to access this data. So the first one is our predict on trial. So that's the trial in which we are running in partnership with Beyond Blood and Blackpool NHS Trust. So which last year, you know, after delays, unfortunately, out of our our control, we announced obtaining, you know, regulatory and ethical approval form. So that project, that trial is now progressing well, with clinical data already being received here at PHYSIOMICS and starting to be fed into the model and the clinical development work.

21:08 There is still a lot more data to be obtained from the trial, and the the recruitment is expected to continue, through to, March next year, so March 2026. So in parallel to the PredictOnc trial, kind of the second source of data is through our partner, DoseMe. So as a reminder, DoseMe is a a US company who has developed a personalized dosing platform already utilized by hospitals across The US and Europe. So their DoseMeRx

21:40 platform, hosts dosing tools very similar to the ones we're developing and gives clinicians access in a way that can be used within a hospital or clinical setting. So, it interfaces with a tablet which they can carry around when treating, patients. So this partnership with DoseMe offers up a number of opportunities for us. Firstly, since they are or since they already have a platform actively being used by clinicians,

22:10 the DoseMe Rx platform provides us with a real route to market and paid later paid for functionality. But in addition, the platform also allows us to gain early feedback from clinicians, such as kind of gaining human factor evidence feedback around usability of the the the model in a clinical setting. So last year, we announced the implementation of our tool onto the DoseMe Rx platform, enabling us to start getting this kind of early, human feedback. And then through DoseMe's connections across various US clinical sites, we're also in discussion around accessing a large dataset, that would augment the data we are starting to receive from PredictOnc trial, which in turn hopefully should accelerate the tool's development.

23:01 In addition, last financial year, we also announced a couple at the end of last year, we also announced the expanded partnership with DoseMe with the aim to explore the development of of new tools, new dosing tools beyond the current docetaxel and GCF one in in development. So, you know, we'll be sure to provide further kind of feedback and announcements as as we progress that expanded partnership. So I hope you can see that, you know, a lot has been achieved this last financial year across the various, across our various growth initiatives, with these efforts starting to be reflected in in top line financials.

23:47 But I have to say, you know, none of this, could have been done without the right people. And this is why this this year has also seen us, hire several key roles. So these include, the hiring of, two heads of service line one, service lines, so, Mark Davies and Jesse Thisson, but also other team members who are key in helping us not only expand our expertise into new techniques and services, but have also been providing that critical technical solution experience needed during the sales cycle, so driving pipeline conversion. And I feel now we're in an exciting position to have this team in place, along with some additional flexible resourcing, we we have, to really help us kind of grow and accelerate, the the growth of the the business.

24:39 So that was the last financial year. So the year just ended on thirtieth of of June two thousand twenty five. Thinking, more towards this current financial year, we've started the year very strong. As of the July 1, we had £594,000 worth of consulting contracts already signed and projected to be recognized in the year. We also had, the remaining of our Innovate grant, valued at £60,000, again, projected to be recognized within the year. So this means that we started as of the July 1, we started the year with £654,000 worth of of income, already contracted and projected, which, you know, is is an incredible, start.

25:35 Since July, so over the first few months of the year, we've also won a couple of additional contracts. So this is in addition to, what was what we what we brought into the year, one change order, so extending the kind of the scope and value of one of our existing contracts. And we also have a very strong pipeline with with six late stage opportunities in progress. So what I mean here by kind of late stage opportunities is where proposals have been submitted and under review and negotiation with clients. Finally, we have great momentum across the other initiatives and in addition to contract that contracted revenue projected to be recognized in this financial year, we are already starting to build, contracted revenue for the the the year following, so in year 27, which is which is which is good.

26:36 I won't spend too long on this slide, but this is a slide I've presented before highlighting what we're focusing on over the next year, across the various business areas. So in the consulting service area, we're still going to keep pushing the BDM marketing. Certainly, now we have biometrics online. This gives us a much bigger market to approach. There are several operational kind of areas we, are looking to invest in. Firstly, enhancing our quality management system to meet some of the new services we're bringing online and and some changes in regulation. As for the people, you know, we don't have any immediate hires, but as we grow and expand, we'll be exploring a combination of kind of flexible resourcing through contractors, offshore, or or through permanent hires.

27:25 From a personalized medicine perspective, as I described in my earlier slide, our focus will remain around, you know, the collaboration and validation of the model, really helping us kind of take the model towards commercialization. We also aim to build upon the expanded partnership with DoseMe and start exploring opportunities around new dosing tools, so new dosing tools outside the, you know, outside the current tool, so that potentially is in in areas outside oncology. And then finally, across the whole business, addition to, you know, driving and progressing these various growth initiatives, organically as we have been doing up until this point, the company will continue exploring strategic options. So either some form of m and a or strategic partnership that could really help accelerate our growth.

28:24 So to finish off and summarize my present presentation here today. So this last financial year showed us showed that we were able to increase in the total income by 46% compared to the previous year. We reduced loss after tax, by 32% compared to the previous year. We've maintained operating costs in line with inflation. We've successfully launched our biometric service line, and I recruited our head of biometrics and won our first two contracts in that service, which is a really exciting area for us in the business. Our pipeline is as as good as it's it's ever been with our yearly contract awards reaching a a record high, which is 63% higher than the previous five years.

29:22 We've increased the number of new clients. We've diversified our services, including expanding into new therapeutic areas. We've recruited new expertise. We've recruited our service line heads and quantitative pharmacology scientists. We've published three original peer reviewed publications with prominent top tier pharmaceutical companies and biotech company. We've obtained regulatory and ethical approval for the PREDICTONC trial with data now being received and fed into the development program. Finally, we've implemented our personalized dosing tool onto the the DoseMeRx platform and are starting to identify US clinical sites to obtain data to help with that development, as well as we announced an expanded partnership with DoseMe to explore the development of new dosing solutions and dosing tools beyond our current one.

30:30 So I will stop there. Thank you very much. I think we can potentially move on to q and a. Peter, Jim, thank you very much for your presentation this afternoon. Ladies and gentlemen, please do continue to submit your questions just by using the Q and A tab situated on the right hand corner of your screen. Just while the company 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 by your investor dashboard. As you can see, we have received a number of questions throughout today's presentation. Can I please ask you to read them out and give responses where appropriate to do so? And I'll pick up from you at the end. Thank you. Yeah. So, I will, emcee this. We had a number of questions that were received prior to the presentation, today, and a few that have come in over the course of, the last half an hour as well. So we'll go through I think we should have time to get to most of them. We'll start off with the ones that came in prior to the prior to the start of the presentation today and then work through as many of the others as we can.

31:38 So first one then, Pete. And I think you covered it to some extent actually in comments that you made during your presentation. But the question is that in recent presentations, there's been talk of the company potentially growing through acquisition of another business. And is this something which is still being actively considered? Yeah. Yeah. You're right, Jim. I I did touch upon this very briefly in the presentation. Yeah. This is this is certainly something we're continuing to explore. There are various angles being explored here. So and that includes expansion of the business through kind of acquisition of another company with a related service. So that could be another modeling company or a biometrics business, bringing with them kind of additional clients and revenue.

32:27 But, also, we're exploring the potential of strategic partnerships as well. So whereby we might partner with another company, another service company or platform based company, which either adds additional value to our service or enable us to access a kind of a bigger pool of clients. And this could be a company providing, you know, clinical development strategy services, for instance, or providing a clinical trial management, and we would kind of support each other when when approaching clients. Thank you, Pete. So the next question relates to Valerex, and shareholders will recall that we have had historical agreements with valorex relating to specific compounds.

33:15 Someone had spotted that a Valorex subsidiary had done a deal around one of its assets, about $40.01, and they were wondering if this was one of the assets that was subject of previous deals with PHYSIOMICS. Perhaps you could just clarify that for us. Yeah. So the agreement between PHYSIOMICS and Valoex, as we announced, I think, back in two thousand twenty twenty one relates to val two zero one, where we agreed that royalty payments were based on future revenues. So to my understanding, the asset here is a different drug. I think the the the asset that VAWA four zero one relates to a repurposed formulation of risperidone, which is a is a different asset.

34:04 Yep. Thanks for thanks for summarizing that for us. So the next question is around AI. The question is that the company has recently entered into contracts with organizations involved in the AI field. Where does PYC see its future role in relation to the development of and and and use of AI? Yep. So I guess we need to, you know, perhaps be a tad bit careful around the word AI because I think it is sometimes often used a bit too frequently by companies. However, here in PHYSIOMICS, we we do use AI and incorporate a elements of AI into our models.

34:56 We're primarily using large language models to support our active our consulting activities, so supporting sourcing of data, extracting kind of insights from scientific research and kind of some level of of coding. Then some of our models, our quantitative models themselves utilize elements of machine learning to help derive predictions through the analysis of kind of large datasets. As a technology itself, AI, you know, AI is is very broad. It is for sure becoming utilized more and more in our industry and, you know, really helping to transform many aspects of drug development.

35:42 There is a balance here to be had, though, as, you know, certainly from a regulatory perspective, they are less keen on kind of black box solutions when analyzing data and producing results, which could potentially be either using a regulatory submission or impact patients' safety. So, look, I think AI has certainly got a place in life sciences, in drug development. You know, I think it's an exciting area, but there's also a balance to be had in its use. Thanks, Pete. Next question. Are we, as in PYC, currently exploring any government or other nondilutive funding initiatives or partnerships which may help to grow the business in the near term?

36:34 Yeah. In short, yes. We are. So we keep continue to keep an eye out for additional government grant funding from from those grant bodies such as the National Institute for Health Research or Innovate or the European Innovation Committee. So, yeah, we we continually look at and keep an eye out for grants and, you know, apply to those which we feel is is kind of best suited for for ours our businesses. Yeah. I mean, just to note from from my own earlier experience in in applying for and successfully winning grants, you know, there's typically a sort of a six month cycle between the grant call being issued and and an application being made and then the announcement of of winners. So, you know, if we get sufficiently far along the process with any of those that that that we we we feel we should share with shareholders, then we will we would certainly do that. Yep.

37:40 Okay. Next question. Really, just to can you comment on our current working relationship with Bicycle Therapeutics? Obviously, we we've worked with them on multiple occasions in the past. You know, what what does that relationship look like right now? Yeah. We're still very much in touch with several of the folk at bicycle. At this point in time, we don't have any active projects with them, But that's not to say that Touchwood, we we don't have any in in the future. You know, I think more broadly than bicycle, you know, we do have several good relationship long term relationships with clients now. As I mentioned in my my presentation, I think, and and certainly in the the annual report, you know, I think it's over 40% of our clients come back and contract additional work from us, which in my mind is is testament to the the kind of the quality and the impact of the services we provide our clients.

38:39 And, hopefully, Bicycle will come back and, you know, ask ask for more support with their their their development programs. Thanks, Pete. So the next question is relating to our our various personalized medicine, personalized dosing initiatives. And, really, I guess, to to paraphrase, it it's asking at what point, you know, that may become a, you know, a commercial driver for the company. Obviously, there's a number of different moving parts to that, which you outlined earlier, but I don't know if you can give some overarching comments on on how it might evolve into something revenue generating. Yeah. So as I hoped you you you you'd have seen in my presentation, we are trying to develop we are trying to develop the personalized develop a personalized tool dosing tool in a in a number of different ways in in in parallel.

39:41 So as well as generating the the data which need is needed to kinda calibrate and validate the model, we're also working with DOSIMI around a potential route to commercialization. So, you know, once we are ready for once we have a more validated tool, we are then in a situation where we can put the tool in front of clinicians and health professionals. As for timelines, you know, the PredictOnc trial is is due to end in March next year. We hope to have the bulk of the data needed to finalize calibration soon after after that. And then it is a matter of, you know, trying to get the tool kind of refined and then out into the hands of of these clinicians. So, you know, I can't give specific timelines to it, but we're we're we're certainly getting close.

40:40 Thanks, Pete. So another good question here around the biometric service line. You know? And the question is, is biometric services being cross sold to existing clients? And I guess that could apply in reverse as well, but that wasn't specifically the question. So Yeah. No. That's comment on those. Yeah. That's a great question. Yes. It is. It is. And, actually, that's one of the first things we did as, you know, as we established biometrics was reach out to our existing clients and relationships. And, actually, it's something I I I may have mentioned in previous presentations. Both the modeling side of the business and biometrics biometrics actually kind of work quite well hand in hand.

41:28 You know, a lot of the companies we work with are companies finishing out finishing preclinical research and are trying to get their assets into the clinic. At the same time as using kind of modeling to help them do that, they also need to be thinking about the design of that trial, so the biostatistics around it. So, you know, there's very much an integrated offer in there. So yeah. Thank you, Pete. So a question around returns, which I guess I I think the the the question means sort profitability or profit levels. And it's it's just asking around you know, with so many different moving parts to the business at the moment, you know, how we're gonna balance where we focus and and the revenues versus, you know, our our expenditure.

42:26 So perhaps you could comment on that in in very general terms. No. Sure. So, you know, our focus as a business is around revenue generation. You know, we are focused around getting to becoming cash generative. And and so that that is kind of where we are focusing our efforts. In addition to that, we obviously need to manage our our expenditure. And as I hope you've kind of seen in the my presentation, we have been managing to do that. So we're very selective in in how we and and where we invest our money. Yeah. Thanks, Pete. I mean, I guess just to to add to that a little bit, you know, historically, we we have mostly come in under our estimated expenses for for for for the year, at least sort of internally and generally being within the, you know, market expectations for expenses, I e, the the the the estimates that are put out by by our broker, Hybridan.

43:29 I mean, we're very disciplined. We don't spend money unnecessarily. But on the other hand, we do need to invest to grow. And I think, you know, that that's mainly being a people business in the form of people. And and Pete's gone through kinda step by step the the the various different, you know, senior client facing individuals who who have been brought on board in the last year or so. And, you know, I think we're beginning to see a real impact of of having those those people on board already. Obviously, most recently, with the new Biostat's head, you know, a significant project, you know, within months of of him joining, which is, you know, really good news and and and really, I think, sets the tone for how we expect that business to contribute to the overall business going forward.

44:20 So a a good question. K. Then final question, I think, unless any more come in, and this is just a very general one around the current sentiment for biotech funding and how that, if if it does, impacts, you know, our pipeline and and conversion of conversations into new business. Yeah. No. Certainly, the the the markets the capital markets for for biotech are still very challenging. A number of our our the the companies we've been engaging with during our business development efforts, You know, we've lost the opportunity because the clients didn't receive the funding they were expecting. I think that's that's not too uncommon nowadays.

45:06 I think broaden that, actually, I think the the life sciences market and drug development market is challenging. You may have seen in the news that actually a lot of the pharma companies, larger pharma companies are scaling back, restructuring. At the moment, that's not directly impacting us. You know, I think we are lucky that we are focused on a a kind of a very much growing market. So, yeah, it it's, you know, it's certainly not easy. It's certainly not easy, but I I I think there's a lot of opportunity there for for us as a business. Thanks, Pete. And I I guess just to conclude from my perspective, you know, I would like to say well done to you and the team for, you know, really turning things around in this last year. Obviously, we had a a a challenging year, the year before last, but the year that's just gone, you know, has been a real bounce back. And I think with the addition in particular of the biostats part of the business and some of the progress that we're making on on the personalized dosing projects, then, you know, I think that there's, there's real promise for the future there. So, thanks very much indeed.

46:15 Peter, Jim, thank you for answering all those questions you can for investors. And, of course, the company can review all questions submitted today, and we'll publish those responses on the investor meet company platform. Just before redirecting investors to provide you with their feedback, which I know is particularly important to the company, Peter, could I please just ask you for a few closing comments? Lost Pete. We can you hear me? We can hear you, Pete. Okay. I I think we've lost Pete. So I think we can probably leave leave it there. You know, appreciate investors' participation and interest Oh, you bet. Continued interest in in the company, and, you know, look forward to giving a further update in due course.

47:01 Peter, Jim, thank you for updating investors today. Can I please ask investors not to close the session and should 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 moments to complete, and I'm sure it'll be greatly valued by the company. On behalf of the management team of PHYSIOMICS PLC, we'd like to thank you for attending today's presentation, and good afternoon to you all.