Hello everyone. Good afternoon. We will be recording this meeting for the sake of distribution to other investors. That's why it's only gonna be myself here on camera. For the Q&A session, you can write your questions in the chat, and we'll have a look at them there. Hopefully we will get to cover most, if not all of them. The agenda for today will be an update. We'll just have a look at the products and markets. We're entering a commercialization phase very soon, and we'll look at the latest there on the thinking about both the products and markets and the go-to-market models, a bit on pricing there as well. We'll be looking at some industry news that are very relevant and positive for our industry in Alzheimer's. We will also be looking at the financing, which is interesting period right now because we're in the. On Monday the 17th of October, we'll be opening the exercise window of the outstanding warrant, and we will also be talking a bit about partnerships. Without any further ado, I will jump into it. Just a quick reminder what Brain+ is all about. We are a digital therapeutics company with a mission of making effective dementia treatments accessible to everyone as digital therapeutics. Our clinical target is to counteract cognitive decline, which is the main symptom of dementia and what makes people unable to take care of themselves. That's what we're working with, and that means that we're developing software products that are being taken through clinical trials or regulatory certifications, reimbursements, et cetera, just like you would think of with a normal med tech and biotech, except we have some advantages that we can put products in the market earlier. We have, in the last couple of months, made a couple of announcements that have moved forward our launches of the first product, which is the CST-Therapist Companion. That means that we'll be launching already this year in Denmark. It says Q1 here. That's a mistake. It should say Q4. We'll be launching in Germany in Q2 next year, which is also ahead of plan, and this is something we announced very recently. Good news in terms of accelerating our time to the market. The next couple of markets on the plan for this product will be U.K. and the U.S., and I'll speak a little bit more about that. That's also something that we have been mentioning in some of the press releases in recent periods. I'll be talking now a bit about the business models. In the first phase of commercialization, we will be in Denmark selling this as a B2B software as a service type business model. In Denmark, it is some municipalities that are taking care of people with dementia and who have the budgets for taking care of people with dementia. We're used to selling to this segment. We've done a number of pilot sales earlier in this segment and also recurring sales with our first cognitive training app. Since we now focus to dementia, we know the sales model here in Denmark and our business development manager has himself built a leading solution with software for autism management, made that the leading solution in Denmark and then exited his company. He's helping us now to build the pipeline of customers for cognitive stimulation therapy therapist companion in Denmark. We're looking into an additional reimbursement pathway here in Denmark. This is not a promise, so to speak, but an opportunity that we're looking into where you can get into the so-called medical device database, and that means that you can get up to DKK 6,000 if it is prescribed to a patient. That would be the second phase in Denmark. In Germany, the first phase is similar to Denmark in terms of go-to-market model. There are a number of specialized dementia care homes in Germany. There are a number of specialized services that are caring for people with dementia in clinics, and initially the sales will be direct B2B sales also in a SaaS model there. However, Germany is also very known for the fact that that there are a couple of specialized digital therapeutic reimbursement channels there, and very recently, actually just a couple of weeks ago, the latest one, DiPA, was finally fully passed in Congress in Germany. And this is one that is particularly relevant for cognitive stimulation therapy because it focuses not only on the patient but also on the caregiver. Cognitive Stimulation Therapy is an interaction between a patient and a caregiver. That is why we and our partner who's helping us with the German market access, ROX Health, the daughter company of Roche, our pharma partner, is eyeing this reimbursement pathway. While we start the commercialization in Germany, we'll be working in parallel to get to the point where we will be reimbursed by the DiPA channel. What this means is that all insurance companies in Germany will have to pay this, so we basically get coverage for all German citizens, if we get through this reimbursement pathway. That can pay up to EUR 50 per month or EUR 600 per year for a tool like ours. A couple of quick notions on the next couple of markets that we see as high priority, which is the U.K. and the U.S. The U.K., very interesting market because this is, for one thing, where cognitive stimulation therapy originated from UCL in London, and it's also one of the countries where CST in the analog group-based form is being used the most. That means it is one of the biggest potentials for our first product, the Therapist Companion. In fact, for the first three markets, Denmark, Germany and the U.K., cognitive stimulation therapy is the recommended standard of care for people with dementia by the national health authorities in those countries. It is so because of the strong evidence base there. The U.S. we're looking to because it's the biggest healthcare market in the world and we see a number of great options there for CST. The remaining, there's a remaining number of markets, of course, globally, that are really interesting for CST, not only in the Nordic markets, but other European markets that are also adopting digital therapeutics pathways. We also intend to enter those markets. So far we've said that we will enter one to two new markets per year and so we stick with that for the time being. Then we get to the point where we move from CST-Therapist Companion to the home care, which is for people who have been in CST group sessions and then continue at home. When we launch this product, it will be a big expansion of the market potential. All the therapists working with CST, they want to be able to give the patient something in their hands that they can continue with at home. This is a one-to-one delivery where a patient will do this therapy with their caregiver. This can be a family member, for example. Finally, we have the third version of the product, which we refer to currently as a standalone, but means that you could get this prescribed directly after diagnosis without first having to go through a group session. I've highlighted in Germany the DiGA reimbursement channel, which is the second reimbursement channel in Germany. This channel requires that there's more data than DiPA. That is one of the reasons we're doing DiPA first, because we can enter with some claims there. The DiGA will require even more data, and that's why we're taking that second, so it's a stepwise approach. Now, the positive thing about DiGA is that here you can demand prices of up to EUR 750 per quarter within the neurology space, and this is actually something pretty recent that has come out, is that within the nervous system, which is where we are operational, you can see prices for DiGAs, DiGA reimbursement of these almost EUR 750, EUR 740 to be completely precise here. That will be the next step. It's a stepwise approach where we get into the market quick, lock in the market, get to all the therapists, start making revenues, data, de-risking the case, but this also gives input to the further product development. Another piece of very good news that came out late September this year was the World Alzheimer Report 2022. This is the most important policy paper in the Alzheimer's space globally, period. Here the recommendation was very positively that Cognitive Stimulation Therapy, and this is the Cognitive Stimulation Therapy, should be implemented globally as a cost-effective and impactful intervention. If we look at in the report the statistics of what is being offered to persons, people with dementia after diagnosis to date, it's only first of all, for 55% that get offered anything, and most of them get some classic group support. They can share the fact that they're in this situation. They might get a bit of education and training on living with dementia and but on the positive note, already a third of them are getting offered some kind of cognitive stimulation. This is where Cognitive Stimulation Therapy, which is the specific method that we're working with, is the most and strongest evidence-based method that exists in the world today, which is why the report also dedicates a whole article to describing the Cognitive Stimulation Therapy in this report. I can highly recommend reading it. We've covered Cognitive Stimulation Therapy, which is the first product we're going to market with. Just wanna highlight that there are a couple of other things in our pipelines. As you know, besides the first three CST products, we are working on a pilot for mild cognitive impairment with a computerized cognitive training. There will also be some milestone of completing the functional prototype and that this project that we're having now with a couple of universities, including the University of Gothenburg and Aarhus University, is going into the phase of the actual trial here in 2023. Another just very important piece of news that has come out in the Alzheimer's space in the course of the last month is the fact that we've seen for the first time in a very long time positive results. This was very big news and very positive news that Eisai, the big Japanese pharma company, have gotten positive phase III results on their drug called lecanemab. We are very excited about this because it means that not only is pharma in general gonna put more money into the Alzheimer's space, companies like Eisai will be looking for products to combine and to complement this type of treatment. What all these drugs do is that they remove protein tangles in the brain which is basically like removing obstacles for the brain to function properly. What something like Cognitive Stimulation Therapy does is different. It goes in and actually stimulates the neural network. The two treatments are complementary and this is where combination treatments that can give an even increased effect are really, really interesting and which is why a lot of pharma companies are looking to digital to partner up in not only in the Alzheimer's space of course, in a number of different spaces. At this point in time, you won't find any of the top 20 pharma companies that are not active in digital therapeutics in one way or the other. This is very good news for us, and we expect to work more on this space. Right now, we've already, as I've mentioned, we're working very closely with Roche, and here we also had good news this week in fact, that we delivered on our first agreed milestone with them, which was to deliver a fully translated German version of the cognitive stimulation therapy product to them, which released a small milestone payment of EUR 35 million to us and we have a couple of additional milestones coming up, including the launch into the German market and also the first paying customers in the German market. However, there are a number of the large pharma players that have interesting products in the market that are relevant partners for us. We're having dialogues with several of these. Our primary target is of course to work more with Roche via RoX Health and expand our footprint with that partner. There are also the other pharma companies that have drugs in this pipeline. Other important partnering and scaling opportunities that we don't have time to dive into that much today are the global hearing aid companies that we're also in dialogue with and the virtual care providers like for example, Kry or Min Doktor. Getting to the financial part, we will on Monday the 17th of October, the warrant exercise period will begin, which means that people who are holding Brain+ TO 1 warrants can exercise. They'll get a 30% discount on the volume weighted average share price that has been set over the last 10 days. Today is the last day, Friday the 14th. It looks like the final price will of course be known on Monday, but it looks like we'll land in the range of 2.4 ± DKK on the share price and then people will be able to execute on 30% discount to that price. This warrant will in that sense be in the money. It is possible to keep trading warrants up until the 27th, which means that if you're interested, you can both go out and buy these warrants in the open market, on platforms like Nordnet and Avanza, and you can go out and sell them if you don't intend to execute them. These are on the warrants. This is just another little piece of news as part of an expanded investor relations strategy to get coverage from analyst reports, and the first report just came out very recently and evaluated that in the base case of their analysis, they thought the share price should be around 4.1 DKK. This was based on a forecast that only included Denmark and Germany and it only included the CST product line. It did not include any income from pharma partnerships, grants or anything else. Which brings me to the, you can say the final point, which is financing based on the current warrant average share price we can get in the round up to DKK 8 million on the warrant. We also have a number of other things incoming like grant payments and other funding sources will be things like potential sales. We are on top of this having looking at other external funding sources. The bottom line as we also described in the H1 report is that next year we intend to go out and do some additional fundraising. In the meantime however, we do intend to reach a number of additional, critical value inflection points and, one of the key ones here of course includes commercialization, initial sales with the first, product, and we'll also have more readouts coming out from, some of the trials that are ongoing. That kind of concludes the presentation part here and then let's see in the chat, and maybe we hide. Can we hide anybody who's not on video? Matias, maybe you can look to see if we can hide people who are not on video. Pin for me. Oh, we do like this. That's better. Good. Here at the chat now we are opening for questions here the last 10 minutes, until any questions are there, I think. I will speak a little bit more to the partnership potential that we have, and please feel free to write questions in the chat now. One of the really interesting things is with the big pharma companies like Roche, like Eisai, is that they're taking an ecosystem approach to the dementia space which means that they're looking along the entire Alzheimer's value chain. How can you support that digitally and so that means both finding digital products to support early diagnosis, to support the diagnosis itself to facilitate that more diagnoses are taking place to facilitate that there is actual treatments available after diagnosis is taking place which is called post-diagnostic care and I'll just stop and take the questions which are more important and then I can always refer to this. So a question is how about competitors? Aren't there any? Well within Cognitive Stimulation Therapy and dementia treatments in the digital space there are actually none. We're the only ones doing cognitive stimulation therapy. The only other digital version of CST that exists is from one of the professors for that he has been using for clinical studies, and the other things that do exist in the space are things like reminiscence therapy. There's some, for example, music therapy and then there are drugs of course, but something directly going in and targeting cognitive stimulation like we're doing that there's nothing else like that and if you look at the combination you can say of, for example, having a drug and having the digital therapeutic these are actually in fact like I said before complementary. While it could be tempting to think of a drug as competition, really it's a really great opportunity for us to go in and either be a companion product which in that case would be something that helped the pharma company add more value to their patients that can simply be something that they offer in addition to the drug. That's kind of the one option, a companion drug. The other thing is an actual combination treatment where you combine the two treatments for an increased health outcome on that. There CST is actually really interesting because there is a study that showed and this is in this World Alzheimer Report. It actually mentions that study where patients that were getting both CST and the current standard of care because there are some drugs there. They're quite old and I think Lundbeck has a drug for example. These are inhibitors of cholinesterase. I don't know if I pronounce it correctly, but if you combine both that drug and the CST there was actually an increased effect than if you only had the CST for example and the same thing you can see with Alzheimer's is likely to be seen with drugs if you have only the drug and then you have CST on top that you would potentially have a larger effect, and that's because the mechanisms of action are actually two different and complementary mechanisms of action. In terms of competition, there is competition in terms of you can say headspace or branding so to speak still in because there's a lot of digital things for managing your day in dementia. There's a lot of non-evidence-based memory games that are being sold for dementia, but that's the whole point of being going the digital therapeutics route is to rise above all of these companies and as soon as you get like reimbursed by a DiPA or a DiGA you're already out of that you're already in a in a completely different league working with quality management systems and certifying as medical device you're already in a completely different league. And an additional question here, does this therapy saves the government cost? I know it's difficult to measure. No, it's a really good point. I think there's obviously a reason that it is recommended by the health authorities in both U.K., Denmark and Germany. That's because it's evaluated that it has a positive you can say return on investment. This has numerous aspects. It has improvement in cognition. It has improvement in quality of life, and it has improvement in activities of daily living when CST is being delivered and usually what the health authorities like NICE they do is they put some kind of value on for example improvements in quality of life. I can't remember it by heart but something like one disability-adjusted life year for example has a certain value of say GBP 70,000 in the UK. If you increase or if you manage to improve the quality of life significantly you can actually make the calculation how much that is worth. There's also where some of the big cost savings will be later on. Let me just say that based on the current results alone of CST that is enough for the governments to say this is relevant. This should be the standard of care for CST. What we would like to see down the line is that you can actually see that there would be a slowing down of the progression either in the sense that it takes longer for you to go from mild to moderate or go from an earlier stage like mild cognitive impairment to actual dementia diagnosis. It could mean that the majority of people living with dementia are still living at home. If you can save time from them going from the home into a supported living facility or you know a care home that is a massive cost because the cost of caring for a dementia patient on an annual basis is something like EUR 40,000 to EUR 50,000 per year or something in that range. I would have to check up on that number, but it's a very large number. That is why this is one of the most costly diseases in the world per patient and in general overall. Here's another question. In the U.S. there are many more private clinics and people that are able to pay. Do you aim at these clinics or more on the public system? This is a really good question. My thinking currently in the U.S. is that most likely we'll be working with private clinics directly in the beginning and then, you know, there is now a CPT code, a reimbursement code for digital therapeutics. So of course, we would have a look at that. And you do also see some digital therapeutics now being reimbursed at scale. For example, Deprexis just got coverage for 15 million. But what I do see is working with private clinics could be a really interesting business case in the beginning. One way could be to offer CST as a service and have referral fees to the clinics for doing it. There are actually some clinics that are, for example, they're doing diagnosis of people, and in the U.S., what's interesting is that in the U.S. unlike here in Europe, generally, in the U.S., The clinicians are very focused on making money. Anything you can do to incentivize the clinicians there, that they can make more money, of their time, is a valuable and potentially attractive go-to-market model. We have some pretty interesting ideas about that in the United States. The answer in short is yes, we are very interested in some of the private clinics in the U.S. and how we're thinking. However, I'm not saying that that is gonna be the only or the main go-to-market model over there. That's still too early to say, like we're still in a phase of you can say really trying to understand the U.S. market. All right, we can see if more questions are coming in. In the meantime, I'll just mention a couple of additional things with partnerships. I think other potential candidate partners for somebody like us would be Otsuka and Lundbeck, for example. They have had good results this year with an Alzheimer's drug that is treating the aggression symptoms. A lot of people with Alzheimer's lose their ability to control their temper and actually become very aggressive, and this drug treats that. That's another interesting candidate. You have companies like Biogen, who is co-owner of this Eisai drug, lecanemab. Actually, Biogen owns 50%, although Eisai are the ones who are responsible for commercializing it. Then I wanna mention a bit on the potential of some of the hearing aid companies that I personally find very interesting, which is that many of them actually have the patient population that we're interested in, which are elderlies, of which many of them probably already have Alzheimer's. They might not be diagnosed yet, which is why some of these companies are working with early diagnosis, because even based on the data that they capture with the hearing aid, some of them are looking into doing early diagnosis of dementia. What's interesting then is to be able to offer them something that they can then say, "Okay, now that we have helped do an early screening and early catching of this diagnosis, what can we now offer to you?" That is where something like what Brain+ has in our portfolio like Cognitive Stimulation Therapy comes into the question. A tricky question here. Let me see if I can answer that. Will the financing round be enough for the company for the next two to three years? If yes, what can surprise you so that you will come back with a hat in hand? I think whether the next financing round will be enough for the next two to three years, honestly, that will depend on where the markets are six months from now, or whenever we do the financing round, right? Right now, the markets are still challenging. Everybody is well aware of that. If they remain like that, at the time when we do the next financing round, I wouldn't say that I would take in money for the next two to three years necessarily, because I think that would come at too high cost for the company in terms of dilution of existing shareholders. I think there is something in terms of the prudence of how much money we take in at any given time based on the current market conditions. Let's say that the conditions turn out well, and we do actually secure money for, let's say, another two years out in the future. What would then surprise us so that we would be able to come back with the hat in hand? Well, it could be things like just taking longer than expected. That's normal in these types of businesses. It could be things like which are out of our hand, you can say, or of course we have control, but that we don't get the clinical results we want in the first bigger study with Cognitive Stimulation Therapy, and we would have to redo that study, for example. That would be, of course, one thing that would require that. Now, just to qualify that is to make sure to say that what we're putting in the market now, we can commercialize and scale that regardless of what happens with the clinical trials. But for some of the ambitions we have with the later products and in terms of reimbursement, that's where we need the data for, and that would then of course lift us to a new level in terms of of value. The shareholders who have over 10% of the shares. The question is who those shareholders are. Those still include, I think myself and my co-founder, Ulrik. I think those are the only. I think we're the only two who have more than 10% of the shares right now. Of course, that will also change after the exercise of the warrant in any case. We're out of time for this webinar. I'm very happy with the questions. You are always welcome to contact me personally over the phone or by email. If you have follow-up questions, I'm very happy to talk to you guys and to have an active dialogue with our investors. Here's my phone number. If I don't answer immediately, please write a text message. I should have most of our major shareholders already in the phone. If you're a new shareholder as well, please write me a text message because then I know that it's somebody, an investor. I hope you had a wonderful and hopefully inspiring and adding to your knowledge base and wish you a wonderful weekend and rest of October. See you, see you all. Bye-bye.