Hello, everyone. Welcome to The presentation of the 2021 Financial Results for Cogstate. My name is Brad O'Connor. It's been my pleasure to be the CEO of Cogstate for more than 15 years, and I can tell you at no stage over that time have I been more excited about the future of Cogstate than I am right now. Joining me today is our CFO, Darren Watson. Darren joined Cogstate about six months ago after more than 24 years at IBM. His most recent role, Darren held the position of Chief Operating Officer for IBM in Australia and New Zealand, which is a $3 billion company with more than 5,000 employees. He's been a great addition to our team, and so as we go through the presentation today, I think you'll find his fingerprints over the improved financial reporting that we'll take you through. Today's presentation includes forward-looking statements, and therefore I note our disclaimer, stating that this presentation is general in nature. I encourage all investors to consider your own investment objectives and also to review in detail the annual report that was lodged with the Australian Securities Exchange this morning. Following our presentation, we'll take questions. If you do have a question, you have two ways in which to ask that. Firstly, you can type your question into the control panel, and it'll be read by a moderator. If you prefer, you can raise your hand by selecting the button there that's highlighted with the arrow, to have your line unmuted, and you can ask your question yourself. Finally, I note that the slides are available under the Handouts tab of the recording, and a recording of this presentation will be available later in the day. To get started, Cogstate was founded more than 20 years ago with a vision that we could develop technology that would allow assessment of brain health anywhere and for any purpose. Importantly, with an aging population and increasing incidence of Alzheimer's disease and other dementias, Cogstate's goal was to make assessment of cognition as simple and as informative as taking a temperature. Our technology solutions are based on excellent science with over 500 peer-reviewed publications supporting the validity of our tests. To our proprietary technology, we've then added scientific and operational expertise. I note that Cogstate reports in US dollars, and all of the numbers we take you through today are in US dollars. Cogstate has two revenue streams. Our clinical trials business generated more than $28.7 million of revenue in fiscal 2021. This is a project revenue model that provides us with really good forward visibility and predictability of our revenue. The length of clinical trial provides a great tail of revenue from which to build on year on year, and later on in today's presentation, Darren will be talking to you about that forward visibility and predictability that we have of our revenue. Our healthcare model, which is the use of the Cogstate technology to measure brain health in the community, is our next horizon. Following the execution of the global license agreement with Eisai in October of 2020, and then the accelerated approval by the FDA of the first-ever disease-modifying treatment for Alzheimer's disease in June of 2021, the healthcare segment is now delivering positive earnings contribution with the prospect of significant software revenue in coming years from that section of the business. Today, Cogstate's really well-positioned. Our technology solutions are well-validated. We have excellent relationships with large pharmaceutical company customers. We have strong balance sheet, we're profitable and cash flow positive. We're benefiting from external factors such as the release of the first-ever Alzheimer's disease therapy and a push towards more virtual and telehealth solutions in clinical trials. We'll talk about both of those tailwinds as we go through the presentation. Cogstate began to gather momentum in FY 2020 with the execution of our Japan agreement with Eisai early in that year, and then finishing the year with a record level of clinical trial sales contracts. That momentum continued into FY 2021. In our clinical trials business, we set a new record for clinical trial sales contracts, resulting in a new record for revenue backlog to be recognized in future periods. In our healthcare business, we executed the global license agreement with Eisai, generating an upfront payment of $15 million that was received in December of 2020. There are also external factors that had a positive impact on our momentum, and we'll discuss those next. Finally, financially, we've generated 44% revenue increase. Just as important as that is we've shown financial leverage that our investors have been waiting to see. We recorded a profit before tax. We were cash flow positive. We have a strong balance sheet at the end of the financial year, and we've begun financial year 2022 with really strong momentum continuing from that prior year. During 2021 financial year, there were three significant changes that fundamentally impact the commercial opportunity for Cogstate. In June of 2020, Eisai and their development partner, Biogen, announced that the FDA had given accelerated approval to the 1st-ever disease-modifying therapy for Alzheimer's disease. The FDA followed up that approval by providing two other investigational therapies, being Lilly's donanemab and Eisai's lecanemab, with breakthrough therapy designation. We believe that these decisions will positively impact Cogstate's business in two ways. Firstly, we expect our clinical trials business will benefit from increased R&D spend in the area of Alzheimer's disease. Secondly, our healthcare business will benefit from diagnosis and monitoring that are expected to be an important part of patient management following the approval of one or more therapies. The second significant change was the announcement in October 2020 of our global license agreement with Eisai are a world-class partner and a great partner for Cogstate. The global agreement provides us the opportunity to realize our initial vision of cognitive assessment forming an important part of a regular health checkup for everyone. Finally, and perhaps just as significantly, we saw the pandemic cause a real increase in the adoption of remote assessment in clinical trials. Known as decentralized clinical trials or virtual trials, the at-home testing nature of such trials means that digital assessments have a real advantage when designing these trials. Cogstate expects to benefit from an increased adoption of decentralized trial designs in coming periods. Continuing on that theme of great momentum driven by an increase in R&D spend in Alzheimer's disease and the adoption of decentralized clinical trials, yesterday, we announced a record start to fiscal 2022 with $35.4 million of clinical trials contracts executed since 1 July. Included in that total is one large phase III clinical trial in Alzheimer's disease that has been designed to incorporate home-based assessment as a key feature of that trial design. Cogstate will deliver our computerized assessments, and we'll also provide telehealth assessments of other cognitive measures in that phase III trial. That trial alone will generate approximately $6 million of revenue in this current fiscal 2022 year and $8 million of revenue in each of fiscal 2023, 2024, and 2025. I'm now going to hand it over to Darren Watson, our CFO, and he's going to talk you through the 2021 financial results. Thank you, Brad. I'm very pleased to report a very strong financial performance for the financial year 2021, with the second half in particular, a very strong performance for us. We delivered a record new contract signings year in clinical trials of $47.3 million, up 15% year-to-year on top of what was a record year in 2020. Alzheimer's continues to be a key source of that growth and represented 65% of our contract signings in 2021. The record signings combined with the addition of years 6-10 minimum royalties from the Eisai license agreement, which is now a contractual obligation following the FDA approval of ADUHELM, takes the future contracted revenue above $100 million to $101.5 million, a growth of 151% from a year ago, and is a record for Cogstate for future revenue under contract. The consecutive years of record contract signings in clinical trials and the recognition of revenue from the Eisai agreement has resulted in revenue of $32.7 million, which is year-to-year growth of 44%. Again, a record for Cogstate. Within that, the second half was $18.8 million, compared to the first half of $13.9 million, illustrating the momentum within the business. Importantly, the growth in revenue has allowed us to better utilize the capacity across our business, as a result, we've transitioned to positive profit before tax. The profit before tax was $5.8 million and is marginally ahead of the top end of the range that we gave back in July, which was $5.2 million-$5.7 million. Again, it is important to highlight the strong second half, with the second half profit of $6.2 million, compared to the loss that was reported for the first half of $0.4 million. Included in that profit before tax is a one-off gain from the forgiveness of the U.S. PPP loan for $2.4 million, which is a U.S. government support for COVID impact, in 2020. Excluding this one-off gain, together with the first half one-off impact from advisor costs associated with the negotiation of the Eisai global licensing agreement, the underlying profit before tax was $3.9 million. The second half, we've been able to return to improved utilization levels of our existing capacity, has delivered $3.8 million compared to the first half of $0.1 million. As we turn to page 10, it's important to point out the improvement in margins across the business, particularly the second half margins. Total gross contribution margin for the second half was almost 60 points, up significantly from the first half, taking the overall gross contribution margin for the year to almost 55 points. This is an improvement of more than 13 percentage points year-to-year and reflects the discipline we have applied to managing capacity, utilization, and managing costs. The strong contribution margins are also reflected in the EBITDA margin, where for the second half, we were above 26 points, and for the EBIT margin, where we hit 20 points. For both of these, the margin improvement year-to-year is in excess of 20 points. As I previously mentioned, we did benefit from a one-off gain from the forgiveness of our U.S. PPP loan to the tune of $2.4 million. This is not included in EBITDA or EBIT, but does form part of the net profit before tax. We've provided an underlying profit before tax, which excludes this benefit. Chart 11 here details the reported results of underlying results after adjusting for the two non-recurring items of the PPP loan and the one-off advisor charges of the Eisai agreement. Turning now to the segments and starting with clinical trials. This is where the benefit of strong new contract signings over recent years and the improved utilization of our capacity, particularly in the second half have resulted in strong results for the year. Revenue growth of 36% and a growth in the gross contribution by almost 75%, with gross margins hitting almost 55 points in the second half. As I mentioned, improved utilization of our capacity and a strong software license contribution in the mix has resulted in particularly strong margin performance for the second half. Not only was revenue and profit strong, but the record new contract signings performance was strong, contributing to revenue growth within the year, but also creating growth to the future contracted revenue. As you can see from the graph in the bottom right-hand corner, we now have eight consecutive quarters of new contract signings exceeding revenue. With a strong start to the first quarter of 2022, we expect it will be nine quarters as we exit this first quarter. Moving to the healthcare segment, strong revenue and gross contribution are largely attributable to the Eisai licensing agreement. As a reminder, for the Eisai global agreement, the $45 million is being amortized over an 11-year period, being the 10 years of the licensing agreement and one year in which to reach the first commercial sale. This has resulted in $2.9 million of revenue recognized in 2021, with the remaining $42 million in the future contracted revenue. Contributions were strong across the year as we build up the team to both manage and support the commercial relationship that we have with Eisai. As we look at future contracted revenue, as of 1 July, we now have over $100 million of future revenue under contract for the first time. Obviously, we have now added that following the strong start to FY 2022. In clinical trials, the future revenue was $58 million at 1 July. Again, this has now improved following the more than $35 million of net sales contracts executed in the first few weeks of the first quarter of the financial year 2022. In healthcare, an additional $43 million of contracted revenue represents the contracted minimum revenue from the Eisai agreements. In terms of the runoff of the backlog, we had almost $29 million revenue under contract for the current financial year of 2022 at the start of this financial year. As we announced yesterday, the contracts executed at the start of this year have added approximately $6 million of contracted revenue to that starting position, taking our revenue under contract for this financial year to approximately $35 million at this time. Just as important, as we look forward towards financial year 2023, we already had over $25 million of revenue under contract at the start of financial year 2022, compared to just $5 million this time a year ago. With the new contracts that we've executed so far this year, that financial year 2023 contracted revenue now exceeds over $30 million. As we look at what this means, to the right is a representation of how backlog revenue reflects in our actual revenue performance for a year. In 2021, for example, the backlog revenue at the start of the year was 54% of our full year revenue, meaning that we were able to add over $15 million from our new contract signings during the year. This backlog coverage has ranged between 49% and 54% over the last five years, with the exception of 2019, which was impacted by a number of trial terminations. It is important to note that as the business continues to grow, we would expect this backlog coverage to increase. In other words, in the future, a greater percentage of revenue will come from the amount contracted at the beginning of the year. Turning to cash flow. The strong revenue and profit performance, together with the signing of the Eisai global agreement in the first half of 2021, has resulted in a strong cash flow performance. Net operating cash flow was $16.1 million for the year, which included the upfront receipt of the Eisai $13.8 million on signing of the global licensing agreement. Adjusting for pass-through charges, which is purely a timing difference for us, the net operating cash flow is a little stronger at $16.8 million. We also finished the year with $23.6 million of cash or $22.4 million of net cash, if I take into account the cash held on behalf of customers for future pass-through charges. As we sit here today, we have a very strong cash position to fund us going forward. Back to you, Brad. Thanks, Darren. We're going to turn away now from the financial statements and look in some more depth at some of these other factors that are impacting our business going forward. The first of those is the release of the first-ever disease-modifying therapy for Alzheimer's disease. As we mentioned early in the presentation, just a few months ago in June, Eisai and their development partner, Biogen, announced that the FDA had given accelerated approval to the first-ever disease-modifying therapy. The FDA then followed that up by providing two other investigational therapies with breakthrough therapy designation. What that essentially means is it clears the way or that makes it a little bit easier for them to interact with the FDA as they're seeking to get their drug approved. We believe that these decisions will positively impact on Cogstate's business in the coming years. In fact, it's possible within the next two to three years, there might be a number of treatment options available for those who are suffering from Alzheimer's disease. I think everyone understands this inherently, that Alzheimer's disease is an insidious condition. Early subtle signs of that occur in 10 or even 20 years before some of the more obvious effects. It's currently the sixth leading cause of death in the U.S., and expected to take more and more lives over coming years. This is a big problem. It's a problem that is worth solving. What we've seen in other indications, following the approval of the first therapy, is that it actually results in an increase in R&D spend. We expect that to continue in Alzheimer's disease. The graph here shows what happened in multiple sclerosis following the approval of the first interferon beta treatment in 1993, which set in motion a cycle of innovation that resulted in more than 20 different treatments being approved over subsequent years. Our expectation is that's the level of R&D spend we will see going forward in Alzheimer's disease. Our agreement with pharmaceutical company Eisai is critically important to our commercial plans. We believe that our technology can play a really vital role as a low-cost, easy-to-access, scientifically valid assessment of cognition. Those easy-to-use tests can really facilitate home-based self-assessment or physician assessment and screening. It can provide a diagnostic support tool for physicians and can be helpful in monitoring response to therapy. Eisai has a really long and proud history in Alzheimer's disease, dating back to the launch of the first symptomatic treatment, called Aricept in 1997. With their financial interest in the approved treatment for ADUHELM, as well as their considerable exposure to potential new treatment through their strong R&D pipeline in Alzheimer's disease, they have significant financial interest in the identification of the very first cognitive changes that might be associated with Alzheimer's disease. We think we've got a good partner. The target market for our technology is not limited to those suffering from Alzheimer's disease. In fact, our target market is everyone who's worried about their memory as they age, and that's a really large market. Over 320 million people are over the age of 65 in just the four key markets that are identified in the agreement executed by Cogstate and Eisai. This is a really significant opportunity that we hope will generate significant revenue in coming years. We do need to be realistic about time frames, in terms of that revenue opportunity, with product only expected to come onto market in the U.S. in the coming months. Our revenue expectations in relation to fiscal 2022 are quite realistic and quite sensible. I think the opportunity is for substantial revenue comes a bit later in fiscals 2023, 2024, 2025. I want to talk now a little bit about decentralized clinical trials, which is a term that is probably new to a lot of people. Since the beginning of the pandemic, the clinical trials industry has seen an increase in demand for remote assessment. Decentralized clinical trials, also known as distributed or home-based or site-less trials, provide a means of conducting a trial in the patient's home as compared to requiring a patient to come to a major clinical facility. This was a trend that was occurring pre-pandemic, but like much technology adoption that has occurred as a result of the pandemic, this has gathered speed. I want to be clear, we expect to see clinical trial sites continue as a really important part of the clinical trials industry. It is our expectation that more and more trial designs will incorporate aspects of remote assessment because of the advantages that exist for both the pharma or biotech company, but also the advantages to the patient, allowing trial designs that incorporate technology and therefore allowing the industry as a whole to bring new potential treatments to patients regardless of geography and other factors such as ethnicity and language spoken, which we see as major impediments to participation in clinical trials. Cogstate's computerized assessments are perfectly placed to benefit from the adoption of the decentralized trial design, we expect, going forward, for this to be another catalyst for Cogstate's ability to increase our market share. I'm going to turn now to the outlook for FY 2022. We've provided this year some quite detailed guidance in respect of the FY 2022 results. In our clinical trials business, following the announcement of the strong start to the 2022 year, we now have $30.5 million of contracted revenue that we expect to be recognized in the 2022 financial year. This is just in clinical trials. To try and give you a sense of our revenue expectations beyond that contracted amount, I would note that in the last financial year, from contracts executed through quarters two to four inclusive, Cogstate was able to generate an additional $12 million of revenue from that which was already contracted at 30 September. We expect that for FY 2022, our clinical trials margin to remain constant with FY 2021 at approximately 54%. In our healthcare business, we expect to recognize $4.2 million of revenue from the Eisai agreement, and for that to contribute $2.5 million-$3 million. We expect that our operating cost to be in the range of 31%-33% of revenue, which is an improvement of five to seven points on FY 2021, thereby resulting in EBIT margins of 15%-18% of revenue. In terms of cash flow, we expect operating cash flow to be in the order of 30%-35% of EBITDA, allowing for the amortization of the Eisai revenue that was received upfront, as well as the amortization amount of capitalized software development. To summarize, Cogstate's in a really strong position going into financial year 2022. Given our strong contracted revenue position and our strong start to the year, with a record level of clinical trials contracts executed just the first few weeks of the year, we can state that we'll continue to grow revenue from the record that we set last year. That like last year, the revenue growth will result in earnings growth and growth in our already strong cash position. Cogstate's scientifically validated technology is addressing a large market opportunity, and we have significant external factors positively impacting on the business through the release of new treatment options for Alzheimer's disease and the adoption of decentralized clinical trials, both of which are positive for Cogstate's business going forward. Over the coming years, we expect to continue to grow our clinical trials business, which is now becoming a substantial business in its own right. Through our partnership with Eisai, we've established a foundation with which we could potentially grow a significant opportunity in the healthcare market. The opportunity in healthcare is expected to take a little time to establish significant revenue beyond those contracted minimums. We are confident we have partnered well, and we're looking forward to product launch in the USA over the coming months. Overall, we're really well-placed to grow Cogstate into a leading technology company that has potential to disrupt both the research and general practice medicine through technology solutions that make brain health assessment as simple as measuring your blood pressure. With that, I'm going to conclude our prepared remarks, and we'll take some questions. I want to encourage you to ask your questions, and as we went through before, there's a couple of different ways to do that. Great. Thank you, Brad. We'll start with those hands raised, and then we'll move on to the questions in the questions panel. The first hand raised here is Dennis Kurr. I will unmute your line, Dennis, and you can go ahead with your question. Just one second. Apologies, Dennis, it is not responding. Let's see. Unmute you. Rachel, while you try and fix that technical glitch, perhaps you could read one of the first submitted questions. I can answer that while you're trying to unmute Dennis Kurr. Brad, if I can jump in. Yeah. We've just had some success now. Thanks very much for the opportunity. You mentioned that in the clinical trials business in FY 2022, you expect the contribution margin to be 54% in line with the current year, Instead of 58%, which is what you achieved in the second half. Yes. You mentioned that that's partly due to some technology investments. Can you just talk a little about those technology investments? Will they be ongoing? For how long will they be impacting margins? I think, Dennis, I think the right way to look at this is we expect to be able to grow gross margins in the clinical trials business into future years. The decision we've made in respect to FY 2022 is you'll appreciate the size and scale of this business is expanding rapidly. What we want to do is ensure that we have the technical infrastructure, the operating processes that support a much larger business. We think that we can make those investments while maintaining margins and delivering good earnings growth and bottom-line growth in FY 2022. We're committing to make those adjustments. The benefit for shareholders for us making those investments now is we get to higher margins at a faster rate as we look forward to FY 2023, FY 2024, FY 2025. Will those investments be largely completed in FY 2022, or will they be ongoing into FY 2023, et cetera? Look, I think it's one of those things that you're continuing to improve, and continuing to invest in. I think, by and large, the margin impact will be fiscal 2022, which is not to say that we won't be continuing to invest in our business in 2023 and 2024, but I think the financial impact of that in terms of margins will be much lower as we push forward. Thanks very much. That's all from me. Thanks, Dennis. Okay, we'll move on to questions submitted through the questions panel. The first one is, thanks to the Cogstate team for their hard work and very good results. Where are you looking at Cogstate in the next five to 10 years? Excellent question. Look, I think we're in a position now whereby we see significant growth opportunities in our clinical trials business. Where we expect to record very strong growth in bookings, in FY 2022 that will deliver really strong revenue growth. We see that continuing over the course of the next five years. Our belief is that R&D spend in Alzheimer's disease will be strong over that period of time. There will be increased adoption of digital assessments, digital native assessments, and we're really well-positioned to benefit from that. Five years from now, we expect to have a very strong and very profitable clinical trials business. Over the top of that, we layer the healthcare opportunity. That we need to be somewhat constrained by reality in terms of what is that opportunity. We think that has the potential to be enormous. There's a lot of rubber yet to hit the road in respect of that opportunity. We think we have a good technology solution. We think we have an excellent partner. We think that there's an enormous market opportunity that's currently unmet. We think we have the infrastructure in place to execute on that opportunity. In 12 months from now, we'll have a much better sense of how that opportunity is playing out. I think that's the big unknown. Where in terms of our dreams, our beliefs, where our passion is driving us in terms of this business five years from now, is that we have a really strong software business with software style margins in that healthcare part of the business that essentially layers on top of a very strong CRO clinical services style business, in a growing niche opportunity, which is our clinical trials business. Great. Thank you, Brad. Based on yesterday's updates, the large phase III trial is worth $30 million, i.e., September quarter today, the company already executed the same amount of contracts as the whole of September 2020 quarter. Is it fair to say that this momentum of Alzheimer's trial initiations is still ramping up? Yeah. As I interpret that question, what we're saying is if we exclude the large phase III, there's a significant amount of work, in the September quarter to date, and I think that's a fair assessment. We are seeing a lot of activity. We don't talk to sales pipeline, and we don't do that deliberately because I think that can get a little misleading for investors. Our pipeline of opportunities is strong. I think in terms of the R&D space specifically, what I can say is we are seeing pharmaceutical and biotech companies, one, who have not been active in Alzheimer's disease, initiate activity in Alzheimer's disease. We're seeing smaller biotech companies who are focused on Alzheimer's disease, be able to raise new capital and raise that at good valuations. All of these things are really positive in terms of increased R&D activity. Great. Thank you. You recently received an extremely large decentralized trial win from one company, but could you describe the pipeline of decentralized trials, and are you seeing interest from one to two companies or several? I'll answer the second part of that question first, and that we're certainly seeing opportunities from several companies. I want to be clear here that as a general statement, most of the trial designs that we're seeing now include some element, even if it's just a backup plan of what happens if we cannot get trial participants to site. That's a really common and standard part of trial design that we're seeing. There's a number of opportunities that we're pursuing currently, in the decentralized space. They're at an earlier stage. I want to be clear here that they're not of the size and quantum of that one we've just executed recently. These are smaller opportunities, but still good opportunities focused predominantly in Alzheimer's disease, but in other areas as well. We do think this is a significant change in the market. We think that clinical trial site, as a construct, is ripe for disruption. As a general statement, it's slow and costly. Those are the general ingredients for areas that are ripe for disruption. The conversations that we're having with pharma sponsors have changed from us needing to show that our digital solutions have better efficacy or better sensitivity than standard measures to now being conversations around being able to say that our digital assessments are just as effective as the analog assessments, but they can be delivered remotely. It's a change in conversation that's really powerful in terms of the way we look at the market. Great. We have a couple of questions related to this topic. One is, what are the current thoughts of the board around the use of cash? That's an excellent question. Shareholders will appreciate that this is a new, and as I like to call it, an uptown problem for Cogstate, that we do have a large cash balance, and our projection is to be cash flow positive going forward. Over the course of the next 12 months, the board needs to establish a capital management plan. We need to decide what it is we're going to do with that. We're not going to be rash in terms of that decision-making. We don't think we need to be. We think we can take some time to consider our options there. If the opportunity arose to identify digestible add-ons to our business that were both revenue and earnings accretive, we would look at those opportunities, but we're not chasing them hard. We think we have significant growth opportunities in our business that we've just presented to you. If something made sense, and then we could use our cash that way, we would consider it, but only to the extent it's both revenue and earnings accretive. Other than that, as I say, the board will consider a capital management plan and, I think at some stage, over the course of the next 12 months, we'll be able to communicate that to shareholders. Thank you. Another theme around competition. Are there any current competitors to Cogstate? If not, how much of a lead does Cogstate have over potential competitors? There's a number of competitors to Cogstate, and to be honest, the biggest competitor to Cogstate is the use of standard measures of cognition. A patient sitting in front of a doctor is the biggest competitor to Cogstate. From a digital assessment point of view, yes, there's competitors to Cogstate as well. The moats around our business really relate to the scientific validation of our assessments, the long history we have, the strength of our commercial partnerships. I think our commercial partnership with Eisai with respect to the healthcare business is essential, that we have a commercial partner with a financial interest in identification of the earliest signs of memory impairment or cognitive impairment, because they have other revenue lines associated or benefiting from the identification of those patients, I think puts us in a really strong position. We're very conscious of the fact that there will be competitors in the market, as there always are when revenue opportunities arise that will attract competitors. Great. How common or uncommon is a large contract, $10 million or plus, like the one you just signed for $30 million? We see those opportunities of $10 million or more certainly every year. It has to be a key focus of our business development team, understanding that not all revenue opportunities are created equal. We pride ourselves on our success with respect to winning opportunities, but we focus very strongly on those larger opportunities for the obvious reason. Cogstate executed $47 million worth of clinical trial sales contracts in fiscal 2021. You only need one or two large opportunities to significantly impact our annual result. As we grow as a business and as we continue to expand the level of bookings that we're achieving every year, those opportunities both become more important, but also have less of a outform impact. That's the job is to continue to identify those. I think shareholders will appreciate that those larger opportunities involve a much larger team. They involve the provision of a greater number of services, and it's one of those things that from a sales perspective, we're asked to demonstrate our ability to deliver on those large opportunities. I think when you look at an opportunity like the one we recently announced, what it says is that a large pharmaceutical company is assessing Cogstate as having the means and the capability of delivering on such a large opportunity. As we continue to prove that we can do that, I think those opportunities come forward more often. Great. Can you please talk about where you are with the development of your voice-based biomarkers? Yeah, great question. Something we didn't talk about today, but I'd love to talk about. For some background for people, we are taking one of our standard or our computer-based assessments called the International Shopping List Test, and we're turning that into a smartphone version of an assessment where the phone will read a list of words for you to remember, and then the participant will be asked to remember and repeat as many of those words that they can remember. This is using natural language processing within the smartphone to make that assessment. We think that's got great opportunity. That development work was partially funded by a Diagnostics Accelerator fund that was established by the Gates Foundation and others supporting that. That technology is being produced with that support. We have a prototype of that now. It's working well. The smartphone version exists. It will launch a test. You can take the test, it will record the answers and give a result. What we need to do now is to scientifically validate that that's recording exactly the same results as the original computer test is recording. We expect to have that available into calendar 2022 year. In summary, the development's going well. It's a really exciting opportunity for us, and we think it plays a really important role when you think about home-based or direct-to-consumer healthcare opportunities. How do we identify people with those first signs of memory impairment? Also really important within the construct of decentralized clinical trials and that home-based assessment, and trying to utilize very accessible technology solutions like a smartphone that delivers really highly scientifically valid cognitive assessments. Thanks, Brad. I know we're to the top of the session. I just wanted to squeeze in one more question. Have you seen any developments coming from the ERT partnership? A number of commercial opportunities that we're pursuing jointly there. We're very pleased with how that partnership is going. They're a large company. They've had M&A, they made an acquisition of a business and have been integrating that over the course of the 12 months. That slowed us down somewhat, but a number of opportunities there, and we're very pleased with how that partnership is going. I think we might leave it there at the end of the session. I want to thank everyone for your attendance and your interest. I remind everyone that a recording of this presentation will be available on the Cogstate website in due course under the Investors tab. Thank you very much for your attendance.