Hello everyone, and welcome to the 4SC AG Q3 Conference Call. My name is Ezra, and I will be your coordinator today. If you would like to ask a question, press star followed by one on your telephone keypad, and if you change your mind, press star followed by two. If you have joined online, you can submit a text question via the Q&A button in your browser. We will be taking questions at the end of the presentation. I will now hand over to your host, Jason Loveridge, CEO, to begin. Please go ahead. Thank you, operator, and welcome everyone to today's 4SC Conference Call on key developments in the third quarter of 2025, as well as our outlook for the remainder of the year. I will give you my review of the quarter, and then we'll open up the call for questions. I'm sure you've already all seen our press release this morning, and the presentation for this call is available for download on the website. You can find this in the Investors and Media section under Investor Information and then conference calls and webcasts. The slides will give some support for my comments, but you should be able to follow the call even if you don't have them in front of you. Before I start with the review, I would like to give you all a brief reminder. During today's conference call, we may make projections or estimates regarding plans and objectives relating to our future operations, products, services, or future financial results, or assumptions underlying or relating to any such statements, each of which constitutes a forward-looking statement subject to risks and uncertainties, many of which are beyond our control. Actual results could differ materially depending on a number of factors. With the formalities out of the way, I'll now get on to the presentation. You'll see on slide two a more detailed disclaimer, which I will allow people to read at their leisure. For those of you with the presentation in front of you, we're now starting on slide three with a summary of where we currently stand today. Since 2023, we've been entirely focused on the development of Resminostat for cutaneous T-cell lymphoma. We submitted our MAA, but this was refused by the European Medicines Agency, and as such, we have implemented a cost reduction program to reduce the number of employees with the goal to preserve cash as much as possible, given that we no longer have a viable business. Current available cash and cash equivalents at the end of the third quarter amount to EUR 4.742 million, which is sufficient to cover the projected costs if we were to proceed with an orderly liquidation starting in 2025. The company's half-year financial statements as of the 30th of June did show a negative equity according to the German commercial code of approximately EUR 2.6 million. As such, the company's shares no longer have any intrinsic value. If the company is liquidated, 4SC will only be able to repay a small proportion of outstanding subordinated shareholder loans, which currently amount to just over EUR 7 million. There will be no surplus for distribution to shareholders. Moving to slide four is a financial summary as of the 30th of September, 2025. As I said just before, we have a cash balance at the end of the quarter of approximately EUR 4.7 million. The average monthly operational use of cash in the third quarter was just under EUR 400,000, which is slightly below the forecast for the year of between EUR 400,000 and EUR 700,000 per quarter. Looking forward, the Management Board now believes that in combination with a successful completion of a capital raise, as we resolved at the company's recent Annual General Meeting in September this year, there will be sufficient cash for a transitional period to allow the company at least until the end of 2026 to find a new business or sufficient cash to cover the projected costs for an orderly liquidation if this was to be completed by the end of the first quarter of 2027. Next slide, slide five. Looking forward, therefore, at the potential capital raise, the injection of just over EUR 2.7 million through the issuance of a total of 2,726,522 new shares was resolved at the company's AGM in September 2025 and, as I stated earlier, is intended to give the company sufficient time to examine options for a strategic realignment through the acquisition of new business, which can utilize the company's tax loss carryforwards in the future. The injected capital will finance the cost of this transitional period, but is not intended for investment nor expected to result in a sustained positive equity position. This issuance of new capital of new shares subject to a capital raise is also subject to the issuance of a binding tax ruling. The capital reduction to zero will cause the revocation of the admission of the company's shares to trading on the regulated market of the Frankfurt Stock Exchange. That is to say, 4SC would be delisted. The company has no plans to reapply for a stock exchange listing of the new shares. It is also likely the company may require further capital injections of equity and potentially also a further capital cut, including, if necessary, by way of a further capital reduction to zero. In summary, 4SC currently has no operating business. Liquidation would not result in any distributable surplus to 4SC 's current shareholders. The injection of EUR 2,726,522 is aimed to give the company sufficient time to examine options for a strategic realignment through the acquisition of a new business in order to utilize the existing income tax loss carryforwards. Shareholders who do not participate in the proposed capital increase will cease to be shareholders of the company, and the company will continue to update shareholders on events as necessary. With that, I will bring my presentation to a close and pass back to the operator for any questions. Thank you. Thank you, Jason. We will now open the Q&A session. If you would like to ask a question, press star followed by one on your telephone keypad. When prepping to ask your question, please ensure your device is unmuted locally. If you change your mind or your question has already been answered, press star followed by two. You can also submit a text question via the Q&A button on your browser. We will now pause momentarily to get any questions registered. As a reminder, please press star followed by one on your telephone keypad to ask a question, and you can also submit a text question via the Q&A button on your browser. We currently have no questions registered. That concludes today's call. Thank you, everyone, for joining. You may now disconnect your line.