Ladies and gentlemen, thank you for standing by. Welcome, and thank you for joining the Marinomed Biotech AG Q1 2024 results. Throughout today's recorded presentation, all participants will be on a listen-only mode. The presentation will be followed by a question-and-answer session. If you would like to ask a question, you may click the Q&A button on the left side of your screen, and then click Raise Your Hand button. If you are connected via phone, please press star followed by one on your telephone keypad. I would now like to turn the conference over to Mr. Andreas Grassauer, CEO. Please go ahead, sir. Thank you very much, and thank you very much for joining our update call for the first quarter. It's only been a month since we presented the full-year results of 2023, so this is gonna be a brief update on the progress of the company. Yeah, I'm gonna jump right into it. We're gonna discuss shortly the highlights of the year to date, then Pascal will step in with the financial. I'll give you an update then later on on the therapeutic areas and our project status, and we'll close with the financial calendar. So what are the highlights year to date so far? It is, of course, the most important on the financial side, the most important thing was the agreement with the European Investment Bank and the deferral of the repayments to the EIB and the other lenders on real estate lenders. This agreement gives us the opportunity and the chance to fulfill our mission, and this is the commercialization of our assets, and that's progressing. So we added two new distribution partners for the Gulf region and for Eastern Europe for Carragelose in this quarter. And we are progressing with our evaluation of the Carragelose business. We plan to conclude that evaluation within one and a half months, and then we'll come back to investors and our stakeholders with the status. Of course, we also launched the allergen blocker product. In Austria, it's called Coldamaris Allergy. In Austria, it's the first launch of the allergy product, and it's progressing. And our partner in Mexico launched a virus blocking product, and that's also going well there. Although, we'll not see it in the numbers yet, we'll see that as the year and the next season progresses. And we added the second long-term partnership with Aché Laboratórios in Latin America on our Solv4U business. That's a partnership with an undisclosed compound that we solubilized, and that's going to add to our P&L in the future. So it's a good progress here as well. And having interpreted the highlights or showed you the highlights, I hand over to Pascal, since it's a financial update. Pascal? Thank you, Andreas. You may have already seen the press release. Certainly, Q1 revenues not on the level that we wanted to have it. Certainly, we cannot be satisfied with that, so that's also why, not why, but we have many ongoing measures to compensate for that and to see further growth in the future. Overall, with EUR 0.7 million, we are back to the level that we had pre-pandemic. As described also, for the full-year financials, we face quite high stock levels at our main customers that lead to sell-off of the stock rather than reordering with us, and therefore, order intake is still low. But we certainly have a lot of topics in the pipeline that may or shall get that to the levels that we want to have. Not the record levels shortly, at least short term, not the record levels that we had in the last and previous years, but certainly at least on the pre-pandemic and higher levels. We have for the EBIT a slightly lower EBIT of EUR 1.9 million compared to EUR 1.4 million. Given the significantly lower sales, this reflects also that we had a few measures that kicked in, relating to cost cuts, especially on third-party costs, which we will later see also in the P&L, detailed P&L. We were successful. The main message we want to give you is certainly that we recognize this as a low. We believe and have a lot of measures to get back on million levels for quarterly revenues. We have good visibility into the next one to two quarters that this will be the case. Toward end of the year, we still hope that a lot of the measures that we have kick in, especially the Procter & Gamble deal in the U.S. shall start generating revenues. We are in the regulatory processes for Asia with DKSH, with Vita Plus on Eastern Europe and with Gaia in the Gulf region. There are lots of new customers that have the potential to generate the revenue in the next season. Also, we get reported from key customers that the sale out of pharmacies is good, so that their stocks keep on reducing, and that at a certain point in time for the next season, they will start reordering. So this shall also help improving the situation. As Andreas mentioned, still, we have the Carragelose franchise as a whole under review. This is also an important project for us, as well as many discussions with partners, potential partners for our main assets. This is certainly key for the nearer future that we are able to close these deals that have cash generating effect, and obviously that will also have a revenue effect. Looking into the details of the P&L, the sale of goods, here on the upper right-hand table, you can see that the margin is back on the 30%+. Here for the full-year, we were slightly below. I mentioned the extraordinary effect that was related to stocks that we used for the MDR transition. This is going well. We have therefore most of the spending here already done, and are underway, so that we believe our products are very well positioned for this upcoming future, when likely competition will face this as well. You can see also in the table below, especially the R&D, the R&D table, that we kept personal expenses at basically the same level. We internalized as much as possible, so we reduced service spending. There's only one clinical study left for the Carragelose eye drops. Other than that, we reduced it to the minimum. Other expenses is kind of a stable element that we can't influence too much, but it's also a lot of non-cash elements like depreciation, amortization, and interest related to our larger loans, which Andreas just explained, have been deferred. Looking at the asset side of the balance sheet here, we still have the inventory level that we keep in order to be able to deliver goods as fast as possible. The goods for sale, as always, is the element that is revenue carried over the cutoff date. So, that was ready for sale end of March, but picked up by our customers beginning of April. So this is revenue for the next, or for the Q2. Raw materials will keep mostly the glass bottles and pumps that we need to have, because lead times here are still very long. Just a short remark on trade and other receivables. It's just generally that end of the year is high season, and there have been quite a few customer collections of goods. So therefore, it's normal that trade receivables are higher. So the level is kind of normal with the EUR 1.94 end of Q1. A statement of financial position, equity, and liabilities, certainly you can see the effect of the deferral of the loans for the full-year. It wasn't concluded, the contract with the lenders, so the current portion, meaning payable within one year, was of the borrowing, was EUR 7 million. This is again down to EUR 0.6 million exactly because this is now back to long-term borrowings, so more than one year. I'll have a separate slide on that in a minute. Which is obviously most important for you and also for us is the cash situation. We reduce cash burn as much as we can. We have now from December onwards used EUR 0.7 million, which is well, a standard value that we can achieve. It has to do with the operations, where we have mainly headcount costs, as well as the services. But working capital management is also working well. We have the sufficient stock of raw material to serve various customers. So from a cash perspective, this is developing stable. To give detail on the EIB repayments, it's not only referring to EIB, also the real estate lenders agreed to follow EIB. EIB. The payments have been deferred by 18 months. So we have the tranche 1, which was the most, or the nearest one, which end of the year, October 2024, would have been payable. So this moves to April 2026. Tranche two moves from December 2024-2025 to June 2027. And tranche three was a EUR 6 million tranche, of which we repaid already EUR 1.3 million, so this is already a reduced value. And here, that's this also, or this is a semiannual payment repayment. So this moves to a period from December 2025 to August 2028. So, in essence, that means that the next repayments all were delayed to end of December 2025, which gives us more than a year now for the repayments to earn the respective or to close the respective deals and earn the necessary cash to repay this. And with that, I hand back to Andreas for the therapeutic areas, pipeline and risk developments. Yeah. Thank you, Pascal. It's not that quite much changed to the full-year. What is important is that the future, the revenue for this year and our target, we target being successful this year. And as Pascal already said, the Carragelose itself, the running Carragelose business is-- will not be the source of that, that's clear by now. But the future in the right side of this slide, kind of starting with the eye drops, the ongoing development there, the ongoing deals with the Budesolv business development, where we are really confident to achieve a deal. At least it's, you know, I know I'm talking and explaining that for quite some time, but these, these deals take time. This, the business development here takes time. That's true for Tacrosolv, as well, but the Budesolv is much nearer. So we are really confident that we can achieve something here. And the additional partnerships on the Solv4U technology will add to the future growth of the entire franchise. But the key element here is Budesolv, and also the strategic evaluation of the entire Carragelose business. This is an ongoing process. This is not something what we can announce in detail here, but what we can tell, this program or this project is going well. And we're gonna be able to tell something to the public in the near future. We intend to do it before the so-called summer break. We believe there is not going to be a break here. And also when it comes to Budesolv, we're targeting autumn here, because typically in summer, it's difficult to show deals. So it's something that's not gonna be in the next one or two months. So the pipeline of the company hasn't changed, and also the Carragelose itself has just changed a little bit. What is important here, that we are waiting for the feedback on the marketing authorization with Procter & Gamble for the U.S.. We're preparing a possible launch in the upcoming season. There's quite some activity ongoing, and we do what we can to support Procter here. What is clear is that European production or our production sources will be needed to support that launch, and that's why we are supporting Procter here. The additional new distribution partnerships for the Gulf region and in Eastern Europe. With Eastern Europe, it's easier. It's a kind of since it's a medical device registration, we're working on that launch in the upcoming season. But with the Gulf region, there's still registrations ongoing, so it will add to the P&L later on. I already mentioned the launch of the Allergen product in Austria and the virus-blocking nasal spray in Mexico. We'll see an effect also later on. And the completion of the clinical study of the moisturizing Carragelose eye drops, the completion of the study, which is also going well. We plan to launch later this year in Austria, and we're currently in discussion with several parties on that eye drops. Very interesting discussions. It seems there is a good market for that product. And that drives the PD process for the allergy block and also for the eye drops. Yeah, as already mentioned, the evaluation of the strategic options is something that's ongoing, and we'll have a decision by the beginning of summer and come back to our stakeholders on that. Yeah, what is ongoing with Marinosolv, you know, the technology that allows the solubilization of otherwise insoluble compounds. That's, on the one hand, there is the existing projects with Budesolv, solubilized budesonide, with improved stability. Here, we really got some momentum or a lot of momentum based on new data. There's a new patent also for the improved stability formulation, and that helps now gaining momentum in the BD process. I know it's, it's something I tell for some time, but this is not different, because the new patent and the stability data, and the option also for certain areas to go fast to the market, that really drives drives the process. And, and we are, we really hope to see a deal later this year on that. A little bit behind that, not that fast as Budesolv as Tacrosolv. Also here, an improved formulation and primary packaging should enable the first partnership with an ophthalmologic specialist. But this is something that's not that fast as Budesolv, so we don't expect something that fast. So the real value will come from Budesolv and also, as mentioned earlier, from the Carragelose business. With the Solv4U technology partnerships, these type of partnerships are very, very interesting. They will drive or we're gaining already some revenues here. It's not that big, it will not change in the entire picture of the company in short term, but in long term, these partnerships are pretty important since royalties on sales are associated with this type of partnerships. And the more we have, the better it is. It's the partnership with Aché in South America and Latin America. Important is that there is an upside as well. So on the one hand, it's a partnership for that area, but once that progresses and the product is on the market, both companies will benefit from marketing this newly developed product in the rest of the world. And that could be really interesting since, of course, South America is not the biggest market. But the products are interesting for the U.S. or for Europe as well. We cannot go into details what Aché is developing, but we see it, of course, a very interesting product. So as mentioned, to summarize that, what we have today, with the allergy blocking nasal spray, the launch in Austria, driving the BD process further. With the eye drops completing the clinical study in Spain and launch it later this year in Austria. That drives the BD process that is highly active, ongoing. Striking a deal additional partnerships for Budesolv later this year, and of course, working on the registration with Luoxin in China. Tacrosolv, I mentioned, complete the development and enable further partnerships here. In the entire Carragelose portfolio, waiting for the feedback from the FDA. That should come soon, and preparation for launch. We're really optimistic here to see that launch. Yeah, and then close the gaps with new partners, and also here we might, we're working on announcing more deals here. That should be, of course, compatible with the strategic evaluation of the entire process. Not mentioned before is Carravin and Inhaleen, both Carragelose derived projects. There might come some value as well, but in completion, it's gonna be part of the strategic evaluation of the entire Carragelose business, and just part of the value there. I already mentioned the Solv4U business, so I'll conclude that call. With the five pillars we are working on, they're maximizing the value of the Carragelose business, concluding the agreements for Budesolv, supporting our partner in China, get the first partnership in place with Tacrosolv, and expanding the Solv4U business. All of that is to focus on generating near-term cash flows, which is, of course, important for us, of course, and for you as stakeholders of the company. Yeah, and having said that, we conclude the call here, and we're ready for your questions. Thank you, sir. Ladies and gentlemen, at this time, we will begin the question-and-answer session. Anyone who wishes to ask a question may click the Q&A button on the left side of your screen and then click the Raise Your Hand button. If you are connected via phone, please press star, followed by one on your telephone keypad. You will also be able to submit your question in written form. Anyone who has a question may click the Q&A button and raise your hand, or on the phone, press star, followed by one at this time. Once again, in order to ask a question, you may click the Q&A button on the left side of your screen and then click the Raise Your Hand button... or press star and one on your telephone keypad if you are on the phone. The first question comes from Vladimíra Urbánková of Erste Group Bank. Yes, hello, good morning. Thank you for your presentation. I would have a very quick question. If we are looking into your cash position, what is the current cash burn rate, what we should expect in upcoming quarters? You were supported in the first quarter with the two tranches from Nice & Green convertible note program. Do you plan to continue it given the current level of share price? And what would be the maximum amount you could still get from this convertible program? And then, last but not least, if we look at your activities with your Chinese partner, do you have any update when possibly you could get any milestone or what it would be linked to? Thank you. Thank you, Vladimira. So, on the cash burn, I think the Q1 cash burn of EUR 0.7 million approximately is representative at the moment. That's what we strive to keep. And indeed, the current cash position looks like we could need the Nice & Green convertible bond. However, due to the share price, the program is currently suspended. It just is not reasonable to keep it up, because it gets very expensive in terms obviously of proceeds versus a dilution. Therefore, we don't draw it down. The total amount that would be available is net something above EUR 1 million in that area, but as said, currently suspended. On the Chinese partner, I hand over Andreas. Yeah, it a little bit depends on the progress. The next milestone is, it has to do with the regulatory submission in China. We will not have yet the full clear focus on that. There is a chance that we achieve a milestone close to EUR 1 million later this year, but it's not something which can be clearly planned at the moment because it's out of our control. But the program is progressing. More important is on Budesolv is the partnering outside China, and here in particular, the focus has shifted. In our past calls, we were, we're talking more about Europe, but due to the stability and due to regulatory difference in the U.S. and Europe, the U.S. and the U.S. market that accepts the U.S. Pharmacopeia Pharmacopeia could be much faster than the European market, which is good for us because the U.S. market is anyway the biggest in the world. Thank you. As a reminder, anyone who has a question may click the Q&A button and raise your hand on the left side of your screen, or press star and one on your telephone. You may also submit your questions in written form. For any further questions, you may click the Q&A button on the left-hand side and raise your hand, or press star and one on your telephone. Mr. Grassauer, sir, there are no questions registered at this time. Okay, then I'd like to thank everybody for joining us in that call. I really want to invite everybody to our general meeting, which will take place in 20th of June. And remind you that there is a record date for the participation. Please visit our website for that, and would really love to see you in person on that meeting. Thank you very much, everybody. Goodbye. Ladies and gentlemen, the conference is now concluded, and you may disconnect. Thank you for joining, and have a pleasant day.