Verici DX (LSE:VRCI) — Investor Update

0:01 Good afternoon, ladies and gentlemen. Welcome to the VERICI DX PLC Investor Presentation. Questions are encouraged. They can be submitted at any time via the Q and A tab that's just situated on the right hand corner of your screen. Please 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 can review all questions submitted today and will publish your responses where it's appropriate to do so. Before we begin, as usual, we would decide to submit the following poll. And if you could give that your kind attention, I'm sure the company would be most grateful. And I would now like to hand you over to CEO, Sarah

0:33 Barrington. Sarah, good afternoon. Good afternoon, everybody, and welcome to, this presentation. I'm just going to flip through the disclaimer And just kick off with a reminder that, we are obviously a kidney, transplant diagnostic company. And when we think about diagnostics in transplant, we think about managing the the rejection of the organ. But in fact, clinicians have a conundrum in the in these... In the system, in the patient care pathway, which is actually a bit like a seesaw. On the one hand, they are managing kidney rejection and they do this with the use of very broad, very large drugs called immunosuppression which basically suppresses the patient's entire immune system and we all know from COVID how scary that can be.

1:36 And so on the other end of the seesaw, what they're trying to do is manage the other implications for having no immune system and the toxicity from those drugs, which is of course opening up the patient to other conditions, for example, infections or even the onset of oncology or cancer events. So the holy grail in transplant management is actually to get the seesaw perfectly balanced. Where can you get the level of immunosuppression to be balanced between rejection on one hand and the other issues on the other? And for that, they've been looking for the next wave of precision technology and Tutivia answers that call.

2:26 And as we are seeing how clinicians use this in the field, we're seeing them use it more and more to manage other conditions but also to really focus in on this balancing act. And so when we look at the competitive positioning, Tutivia obviously has competitors in the field. We call them the late biomarkers. They are the injury biomarkers that come after the injury has happened. So cell free DNA is what I very casually call measuring the debris in the blood after the injury has happened. And obviously that's a lagging indicator. But for Tativia, we biologically measure the indications that happen in the run up to the injury.

3:19 So the golden rule of earlier is better in diagnostics is really being focused in with Tutivious technology which is that next step in in offerings in the field and able to offer something that is earlier, anything post transplant such as six days in the clinical trial, but can be used very early, is more precise. Cell free DNA has this issue where it is fairly non specific. It can tell you something is going on but not what. And Tutivir is able to distinguish between rejection and infection. And again, you can see in that seesaw and that balancing why we have such such advantages there.

4:09 And how has that really landed? As we talk about our entry point into the market, we recognize that there were specific areas that were unaddressed by the current technology. We talk in terms of... Or have in the past of the total addressable market of about 900,000,000 in The US every year of being split a kind of a third, a third, a third. And there's this third of the market that cell free DNA due to its limitations is not really addressing for the clinicians and these are urgent needs. So we see issues such as delayed graph function that's really early in the process and cell free DNA is confounded by the injury of the surgery, but Tutivia can work. Distinction in between infection and rejection has led to the BK virus areas of patients that's quite common being used for Tutivia and where they've had nothing that they can use before. So again, we've calculated that and we've presented before about that being a third of the market on low hanging fruit before we even think about going head to head with the current competition.

5:34 And what has that led to? Well, obviously, we are seeing more and more compression in that sales cycle. And if you remember before, we talked about this triangle. What's the sales cycle of getting your test adopted? Well, first, you need to get into a center. That used to take us about six months. That's now taking us about three months. And then, traditionally, we would have one champion trying it out, seeing what was... How they wanted to fit it into their care pathway. They get into a cadence with the tests. That's where we see the recurring testing happening. And then moving into their colleagues in the center, the sort of multiple clinician reoccurring.

6:23 And then ultimately, where they really find it has an established niche to put it on protocol. That's like the prescription for for the center to use the test in that area. And what we're seeing is, you know, traditionally, we've been working through that process, that sales cycle, but we are seeing compression in that. And six of those new centers immediately drop down to the multiple clinician recurring. And that's really due to a couple of things. One is we're seeing more brand awareness, more clinicians being bought into some of the data that's presented by their peers at conferences or speakers engagements and being able to just rapidly adopt that in... Within their center.

7:17 So I'm delighted to see some kind of compression in the sales cycle. And also, we've seen that with our new sales people that we funded out of the last raise. Traditionally, we'd given them six months to become effective and now we're seeing them become effective in three months. So again, compression, all this evidence of compression in the sales cycle indicates to us that we are at that tipping point for... Out of just early adoption into this idea of repeat usage and rapid adoption from our centers, which is very encouraging to us in terms of our growth trajectory.

8:00 Obviously, it's a little bit of a numbers game. The states is a large territory. I think this is useful just to see the states where we've received an order, how we look at the territories and why we split them up into those areas. When you look on the right hand side, that pie chart indicates where the transplant surgeries are happening, how that might translate into those territories, and what territory we've we've already got covered. So we have four sales people, and they cover the green area, the orange area, the blue area. And, obviously, what we find is that pink area is being covered at the moment temporarily and we're looking to recruit in that area.

8:51 So what we're finding is we've got territories that are covered, but what does that really mean when you look at how in-depth each sales lead salesperson can be? And we have this ratio of 15 to one. You can see how those centers split up into those territories. The bottom bar chart indicates the territories that we've got coverage. And you can see that where we may have one and we need three people that we have only a partial coverage of the of the nation. We calculate it for full salespeople that that would be anywhere between 12 to 15. We're looking to fund another two out of this last round, that would give us six out of the 12 or 15 that we need.

9:43 But that is enough for us to to grow sufficiently and we've got a clear line of sight now to profitability. So as we look at our differences between hunting, bringing on new centers in each territory and farming them, pushing them into that multiple clinician rate doing the recurring ordering, we are looking at getting to a breakeven number where we've calculated that to be 7,000 orders placed in a year. That run rate is about seventeen fifty a quarter and we're looking at our forecast at hitting that in q four of next year. That obviously is conditional on us being able to recruit an extra two salespeople to add to our sales team to cover those territories.

10:37 But we see the growth and the the previous adoption that we've seen in earlier earlier territories as being encouraging and passing the red face test to get to that number. Just a back of a napkin justification for that. Our first lead, our oldest territory is in excess of three fifty orders per quarter now. We've got other centers... Other territories that are coming up fast behind them.

11:12 And we've calculated that by the end of... So within a within a year, if all... If we have just five territories at that level, we would hit that seventeen fifty. So you can see that we're basing this off our experience in our lead center, and we're expecting those other centers to come up behind them and they've got a year to do so, and then we would hit that number. So the important thing for us is to recognize that we're now, on a clear pathway to that cash flow breakeven number, that run rate of seventeen fifty by the end of next year. What we're looking at this year, we've got a 53%... 52% growth year on year. Sorry.

11:58 Rounding issues there. And that was comparing the first three quarters of this year to the first three quarters of last year. We are on track to look at the orders being placed by the end of the year of anywhere between 80 or 85%, mainly because we see the impact of our two new salespeople now hitting our numbers. So doubling that effective number from from the impact that we saw in the first three quarters. And so we are looking for q four to have a much bigger bump in orders compared to q three. And then that would... Obviously, you see the analysts forecast for the end of the year and we're still tracking on that.

12:50 It's not just about Tutivia. We do have multiple products. And I think if you saw the press releases, you can see that we're on track with Protika, but we're also looking at transcriptics. This was a new product. In our clinical trial, we kinda collected a lot of data. We we sequenced the entire transcriptome and pulled out only the signatures of interest for Tutivia, Petra, and Protaga. But it gave us an awful lot of genetic information that yielded another product and this is called Transcriptix. Transcript Ticks. It's a little bit like a... If you ever follow breast cancer, you'll understand that the BRCA mutation is is highly significant for a risk profile in women for breast cancer or even ovarian cancer.

13:46 And it's very similar. There are genes of interest that are indicative of a generalized risk profile. And we saw this being offered in kidney disease by a competitor and bundled with the the cell free DNA products to great effect. One thing we indicated is the genes were were more suited to early kidney disease rather than transplant patients. There was nothing in transplant and certainly nothing that was validated. So we canvassed the experts in the field to look for the genes of interest, realized we we were able to create our own products out of the data we'd already created.

14:33 And that would enable us to bundle in with both Tutivia and Petra into the marketplace and stimulate the growth of those two products. Obviously, it's not just the value that we get from bundling, it's also a product that is applicable to all transplants, not just kidneys. So widens our field into other transplant areas for brand awareness and obviously, increases the value of the portfolio of offerings and therefore our... Is a value driver for the whole company. So we're very excited by that. That's due to be launched by the end of the year. And most exciting for David, of course, is this didn't cost us anything to produce. There was no... We just used existing data. So so a little bioinformatics time, internal time. And then as we, bundle it in with the other products, has a very high g, gross margin, because there is no additional sequencing or lab work to be done on the product.

15:37 It is literally running the data that we already get out of the other products as a very high GM in the nineties and enables us to to price competitively in the marketplace to stimulate interest from that bundling. So very exciting, very quick for us to do a turnaround on that product, really sort of yields the value from that clinical trial and all the data that we collected there from our bio bank and our data bank there. So very exciting and it was sort of seven months from inception to launch. And obviously, we see that as a real engine of growth. David, just over to you for the update on the financials.

16:23 Thank you, Sarah. So for the half year, which we issued back in September, so we saw growth in the Totivia revenue from 1,100,000 to 1,800,000 for the six month period. That was based on 825 ordered tests. The revenue is recognized based on the resulted test. The delta there is twofold. One is there are tests which will... That's... That fail quality, that's about 5%. And then the other is a is a cutoff time in terms of something which is ordered on the thirtieth of of June, but resulted on the July 1 is a July revenue, not a June revenue. And that was... Our average reimbursement rate was coming out at 2,300. That average reimbursement rate takes account of the fact that we include a...

17:13 An assumption of 10% denial, which is why there's a delta between the Medicare rates of just over 2,600 and that 2,300 because we bake in a 10% denial based on market metrics. And our gross margin remaining at 72%. Clearly, cash at the end of June was 2.4. We did the equity raise back in June, and then we've just completed the 8,750,000 raise this month, which takes us all the way through and allows us to get to cash flow breakeven with that fund so we don't need to come back for more. And Telecaster CEO, well, that's grown a little bit, grown because of the growth in the business, but also it's taking us a little longer to get through the commercial payers and getting into their processes. But that is all well in hand.

18:01 Thanks, Sarah. Back to you. Thank you. Yeah. I think we we we go through a lot of data on these these presentations. So I thought it would be useful just to remind everybody of the key points of the company. Obviously, we are seeing high revenue growth and we're expecting that to to continue as we think into next year. Feel like we're at that tipping point where we can sort of say revenue is inevitable. And, you know, that's reflected in the fact that we now have 36 ordering centers. That covers about 20% of the centers, which we've managed to do with a very small team.

18:48 And that covers about 23% of the patients if you look at the the numbers of surgeries done in those ordering centers. Now obviously, we're not being used on all of those right now and you can see the benefits from us on that split of activity between hunting, bringing on new centers and farming. Know, farming for us is being able to drive adoption into those centers and being able to get to that twenty three percent of of patients. It is a large market for us, twenty eight thousand transplants done annually. And you'll see from the latest policy from HHS over in The States, They're looking to drive up that number of transplants.

19:40 We've seen a number of initiatives from the government, from CMS to do so, and we see them doubling down and supporting those and those initiatives going forward. So we're looking forward to seeing those 28,000 transplants increasing and they're they're doing that by trying to encourage centers to do... To take on more risky organs. And with that, that means that there needs to be more monitoring of those patients afterwards, the tricky patients. And obviously, that's our sweet spot. So we see that as a real driver of growth. The price, $26.50 under Medicare. We've just been through an exercise where they review all the prices. It's called PAMA.

20:28 And, that price was maintained and is good for another three years. So that... That's that's helpful for us. And then obviously, when we're working out the addressable market, we had to work out how many times are patients actually receiving a test. And it depends on their subgroup, you know, low risk patients will will be monitored less, higher risk patients with conditions that they're really trying to manage more. But when we looked at the protocols across the centers, we did see that there... It was a weighted average of 12 times in the first eighteen months. So obviously, there's a lot of recurring revenue to be had there.

21:13 Once a patient is on to TUTIVYO, obviously, we're looking to capture that that recurring revenue. The gross margin as David said is maintained at 72%. And the big factor for us 18 ago was that we got a coverage determination because revenue is all very good, but you gotta be able to be paid on it. Now seventy percent of transplant patients are under the Medicare system. This was highly significant for us. Traditional Medicare gets paid in under thirty days. That that's managed by the private payers is is takes longer, seems to be averaging about forty five days in the industry. So one way or the other, you can see that coverage determination was really indicative of the fact that we could translate revenues into cash.

22:04 And then, obviously, we work on the last 30% with the private payers. But they are... And they do look to that coverage determination as proof that we are medically necessary. So a coverage determination was huge milestone for the company. Since then, we've been, obviously building up on the off the back of that into our ordering centers, seeing a high degree of growth, seeing that compression of the sales cycle, which indicates to us that we're at the tipping point of that revenue growth to be able to march through to that that breakeven number. And I think that's...

22:51 The credibility of those forecasts was something that I think we've supported in the last round, making sure that we took the pressure off the share price in terms of, concerns about constantly having to fundraise, being able to now look at business fundamentals and get the valuation back into the market based on the fact that we're at that tipping point and we're now got a clear line of sight to profitability. Both metrics, obviously, highly significant to the to the AIM market. This is just a real summary which is now just to remind everybody that we have got high revenue growth. We're on that march to profitability.

23:39 We now have done enough raise to be able to support that growth. And so, you know, we talk about that being the last round that we've needed to do. And now we're very encouraged by the business fundamentals being able to march forward to to that breakeven point at the end of next year. Alice, over to you. Thank you, Sarah. We've had some really good questions submitted to the platform, so I'll go with those that were pre submitted. The first one is, how close is Cutivia to becoming a mandatory test post op or is it decided mostly on a case by case basis? Thank you. Yes.

24:26 We call those protocols, and what we're seeing is an increase in the numbers of centers that once they've really established the usefulness of their test, that in an area, they'll put us on protocol. So what that does, that says to all the clinicians in the center, the center has decided that they've kind of got a prescription for Tutivia. So I think I'd indicated on slide two, we're now at three protocols and we've got another two or three in the works. I'd like like to to be able to report that with the year end numbers. Otherwise, it is not mandatory, but we are seeing where clinicians start using it for use cases.

25:18 That's the areas I was indicating that they tend to stick with the test. So for example, DGF patients which can be tested say weekly to see what's going on with them. They're wanting to know whether the organ is just slow to to embed in the body warm up or whether it's rejecting very important information for them. You know, they will continue to use VREICI at that early stage. It's all within kind of the first thirty to forty five days.

25:53 Most clinicians don't like to use cell free DNA on that. BK management hasn't had anything and obviously what they're using to TUTIVIO for is and there was data presented at the June conference where the clinician in his practice was showing how by using Tutivia at various points to check-in with the patient as he reduced that level of immune suppression to allow the infection to be healed. That he was looking for that sweet spot for the patient. Where is it that he lowered it to a level where the organ started to reject and therefore he needed to adjust up the dose. He'd found that sweet spot.

26:39 And so he was using Tutivia all the way through and we're seeing that reflected in other centers. So again, unless it's on Projco, it's not mandatory, but we are seeing that kind of continue use. So it's the recurring use that we're looking at in multiple centers by multiple clinicians. Thank you. The next question is how much revenue are you expecting this year from Thermo Fisher's product? Minimal. We've always said that we've taken it out of our forecast because it's not under our control. The publication came out at the end of q two. That was something they're working on. And then, obviously, the the traditional way of going into centers is to start with early adopting centers so that they can try it out and then publish and present to their peers the evidence of of how it works in their hands. It's the real world evidence, peer to peer kind of recommendation.

27:46 Those early adopting centers are being set up right now. But in any case, revenue for us from Thermo Fisher is obviously on a royalty basis. So that's a potential...

27:58 And we've we've indicated a royalty of anywhere between 1015%. I haven't actually publicly disclosed that in precise number, but we have to give indications. And obviously, for the... For us, that's minimal minimal revenues until the numbers really build up. And so we would be looking for revenues from from that in future years. One of the things I'd like to emphasize for us, the real benefits to the Thermo Fisher deal until the kind of long term mature adoption was in the milestone payments at a time when equity raises were tough and very expensive for the company.

28:43 We did get 5,000,000 from the Thermo Fisher deal in milestone payments and that, of course, was was pivotal to our cash runway in the last couple of years. So real benefits from that deal, obviously, the brand credibility of of being associated with Thermo Fisher. But for us now, it's looking forward into when the numbers are mature enough from adoption from their processes to be reflected in royalty rate. Excellent. Thank you. Has any competition emerged that you're concerned about?

29:25 No. It's a very, simple, answer to that. One of the things we indicate is there are trends in the marketplace that we do obviously watch quite carefully. We do have the incumbents, but there is still what we call a send out test. So there is a a... An indication that that still takes a number of days. It's got to be sent to the test... They've got to process it. They they've returned the the the answer in a test report. That's how we operate as well. But with the kind of progression, there's a company called IMDX that are applying to FDA for approval on a kit. That's what they have to do.

30:12 That kit on cell free DNA would then be sent out to the hospital centers to be running their own labs and we find that a very interesting progression. Not so much impacting us because we're a different technology, we've got different... We do deal with what we call the tricky patients. We see cell free DNA very very good at ruling out for low patient low risk patients. And so for us, it's just an interesting development and obviously something for us to think about in the future that we also may want to distill down to a kit. But that... That's a number of years off, but that's probably the most interesting development in the competitive landscape.

31:03 That actually leads very nicely into the next question which is, will there ever be a requirement for your test to have FDA approval?

31:11 Yeah. No, if we continue to offer it as a service. So there are two types of regulatory pathway. If you are what they call send out test, so what happens is the blood sample is sent to our center. We do the hard work, we do the processing and generate a result. So for us, that's lab work to get the sequencing and then bioinformatics work as we apply the algorithm to to the signature to get the test result. What we then deliver back is a test result and that is monitored under what we call CLEAR. It's run by CMS. But the CLEAR process enables send out tests to be regulated under their system with...

32:02 Now if you distill down into effectively a kit to be sent out to others for them to do... Run the test, then you have to go to to FDA. So we can operate for years under the clear, under our current system, but if we want to progress into a KIPP, which, you know, has some advantages when we think about global ex... Expansion, At that point, we would think about applying to the... In The US to have FDA clearance and that would be the point.

32:41 And it would be over an IVD product, a kit as it were. And at that point, that's the only time when we would be required for FDA. Thank you. You've already mentioned this in the presentation, but there's been a number of questions about cash flow breakeven and whether this is still going to be achieved at 16,000,000 and when do you hope to achieve that? Yeah. That's right. The run rate on 7,000 orders or units that we can recognize, obviously, resulted as as as David put in his presentation. We do see that happening at the end of next year with the current forecasts.

33:28 That for us is at the point where we tip into breakeven. And we got asked in the last round, you know, how much would it take, what was the bare minimum raise that we could do to get to that point. We gave that number at about 5,000,000. So obviously, you know, investors wanted to give us a bit more runway, a bit more ease than just the bare minimum, and you saw that reflected in the 8.75 raise. So delighted to be able to say that we now are on a firm footing. We are now... We've now done what we consider the the last of the equity raises, the... On the have to basis.

34:18 So that for us is incredibly encouraging and we see that we've got enough runway to get through to that breakeven point now.

34:29 And we've got a timeline of hitting that by the end of next year. So the team's very focused on that growth to get us there, and we're very focused on managing the cash so that we have enough wiggle room to be able to maneuver successfully towards that goal. And obviously, to to then grow into 2028. So very exciting for the company. I think this last round is a game changer. You know, we've we've we've talked in the past about the difficulties of having to constantly be out fundraising, not not our ideal situation. But now we've kind of put that last round in. We feel like we've freed the company up to just now reflect the business fundamentals of growth and profitability.

35:25 Thank you. A good question. The build up in sales coverage can be slow and expensive for a company like VERICI. Would you not leverage the relationship with Thermo Fisher who have scale and coverage for the whole of The US territory? Yeah. We... I get asked this question a lot actually is, are we talking to effectively national players?

35:49 And there are many of them. Thermo Fisher is just one of them. But, you know, the answer is yes. We talk to everybody in the in the industry and we're looking for the the the fact that that it would be nice to have a partnership with someone where we could leverage a national sales force. You know, with Thermo Fisher, we already coexist very nicely. We we collaborate with their sales team. We've done a lot... A number of joint marketing activities, but we haven't thought to formalize that into a a distribution deal.

36:35 For us, there probably are other players that might do that more successfully. For us, you know, in any one of those discussions, you want it to be a nice to have rather than have to have. We believe we can build a sales force that is not quite as a national one. As I said, we're looking at building six out of the 12 to 15 out of equity dollars and then funding the further growth out of revenue dollars.

37:06 Doing a strategic national distribution would, of course, amplify that. That's why I say it's a nice to have, not a need to have. And we're always interested in finding the right deal to be able to do that with the right partner. But, again, I want to emphasize the the strength that has been put back into my hand from the last raise knowing that that would now be a nice to have, not a need to have. Obviously, negotiates are handled at any negotiation table, and that was a very important point to us and and our investors. Thank you. And then leading on from that, how much r and d expenses do you expect over the next couple of years? Would you consider partnering on some of those products in development?

37:58 Yeah. The heavy lift on our r and d has already happened. So, you know, Protaga was the last product to be funded out of the clinical trial. The clinical trial has now been kinda completed. Then transcript tips was also called free products out of that, so that didn't take any more r and d. The urine project is something that we've had on hold just because of cash constraints. I think we'll be able to progress that. But again, the heavy lift of the sample collections already been done. That would be now just funding a... An FTE on that development and some internal time.

38:46 There are a number of other kind of r and d, not so much in the r, but maybe in the development. And and that is looking at funding additional studies going forward. I think in the last phase we talked about being able to do a bigger trial to really support Cutivias as that positioning of the immunosuppression titration tool. And I think there is a lot of interest in the field for doing such a trial. But that's what we call utility trial. It shows its usefulness. It doesn't really sit in the r and d bucket although we might place it there for accounting purposes. So what we're seeing right now is absolute de minimis real r and d costs, more trial costs in terms of utility if... Should we choose to pull the trigger on that, and obviously a number of what we call small investigator initiated trials. These are small centers specific test trials that enable publications and more presentations at...

39:59 On that real world evidence from clinicians. So obviously very useful for us. So I don't see that being a very large factor for us. Partnering, we always look for partners. There are a number of collaborations that we might want to do. Particularly on bioinformatics, there's a lot of developments on that area. And then obviously, as we're looking forward to developing our own testing capabilities, we are actually a multiomics lab which under the regulated environment of clear cap, etcetera, is quite rare still in in The States. So we do see researchers coming to our testing labs to to look at using our multi omics capabilities.

40:51 You saw the the the partnership, the co marketing agreement with Thermo on the Olink. And we can see that progressing and partnering as we go through, but it's more with with research collaborations coming into us and producing more in that revenue line of the services industry. Not something that we've had the the resources to really investigate. Now we've got a little bit more wiggle room to to promote the... And build upon that to researchers. But I still see our main focus being on our own products.

41:36 We've got a portfolio that will take us some time to to launch fully and to develop and I see that as reasonably low cost. So for me, r and d is more about what might be incoming rather than what's outgoing on that. Great. Next question. Are you expecting meaningful revenue from Transcriptix in full year '27? It's meaningful to us. We're seeing our ability to bundle or promote that in the field. We know that there's a a lot of interest. We probably go through the same idea in terms of getting your revenues from a few key centers, the early adopting centers that then describe how they use it in practice.

42:31 I certainly like to have that presented at the next year's conferences. And obviously, we could see if that stimulates meaningful growth particularly into '28. But, yeah, I do see it as a significant item on our p and l in '27. Thank you. And then one final question. If a private insurer actually pays for the Cutivia test, do they pay $2,650 or do some pay less? Yeah. It's all over the place actually. Hard to give a straight answer on that. But what we can say is that we have effectively bundled all of our evidence to date on what what has been paid both through Medicare, Medicare Advantage, Medicaid, and the private payers.

43:29 And our forecast is effective price of 2,300 is still holding true. So that seems to

43:38 be a good number. We can tell you that we've had... There's a list price for private payers which is way in excess of the Medicare price. They do do like to get a discount, you see. And we've had some claims paid at full retail price. And obviously, we've had some that have denied and then negotiated way down. But that effective price for us as a per test price of 2,300 is is holding to date. Thank you. Thanks for your comprehensive answer, Sarah. I'm sure it's much appreciated. Have you got any closing comments before we wrap up the presentation today?

44:24 Yeah. I'd just like to thank our investor base. It's been it's been a ride, but that last round voting, the confidence in the business fundamentals, the confidence in knowing that we feel that the growth is now inevitable, that we've got a clear line of sight to that breakeven point and to and to support us to make that the last round was highly encouraging for the team who've been holding it together through some difficult times. And I really want to give a shout out to both our shareholders that have stuck with us and look forward to that that future growth. And also to our team who've also stuck with us.

45:10 It it was very scary for them at times, but they do believe in this company. They're excited to be engines of growth themselves and I see a high degree of enthusiasm from our team to deliver that results back back to our shareholders. So really exciting time for us as a company and we're delighted to be at this point. Sarah, David, if I may just jump back in there. Thank you very much indeed for updating investors this afternoon. On behalf of the management team of VERICI DX PLC, we would like to thank you for attending today's presentation. That now concludes today's session. So good evening to you all. Thank you.