Good afternoon, and welcome to this H1 presentation with Brain+! With us today, we have the CEO of Brain+, Kim Baden-Kristensen, and the CFO, Hanne Leth Hillman. First, there will be a presentation, then afterwards, a Q&A where the CEO and CFO will answer all questions submitted via Stokk.io. There have already been pre-submitted questions on Stokk.io for the Q&A, and the Q&A is still open so that you can submit questions live as well. I will now hand over the mic to Brain+ for the presentation. Your line is now open. Hello, everyone who is with us here live today or watching the recorded video. We're happy to be here and do our investor webinar here after the summer and on the back of the half-year report coming out yesterday. So today, we will give you a flyby of the business, where we are today, some of the latest information on also the competitive situation, how the business is developing. We'll have a look back at the achievements so far this year and what are the things that we have planned and targeted, what are the things, the news, and objectives that we'll reach this year and beyond. And we'll have a look at the financials and the upcoming warrant exercise that's going to happen, and of course, we look forward to the Q&A session. So let's jump straight into it. We are still addressing one of the largest unmet clinical needs in the world today. 55 million people are suffering from dementia. It's a highly debilitating and expensive disease, costing upwards of $1 trillion globally, and this is just a very fast-growing problem. The number of people will triple within the next couple of decades. Our mission as a company is to bring effective, digitally delivered dementia therapies to those in need, and we have a mission of serving 1 million people with dementia, caregivers, and clinicians by 2030. Our primary target is to treat the cognitive decline, so that's when people lose the ability to pay attention, to remember things, basically to take care of themselves, and we do this in order to improve people's quality of life, give health benefits to the people who have dementia, but also to their caregivers who are suffering massive burdens, often suffering from stress and mental health issues as well. We are primarily working with a therapy form called cognitive stimulation therapy. This is a therapy that is today being delivered in an analog form. People meet in groups, a trained therapist is present, guiding people through a 45-minute session with a number of activities that are really stimulating to the mind. This is today the world's leading non-pharmacological dementia therapy, with by far the strongest evidence of anything out there today. The effects of this therapy corresponds to a six-month delay in the cognitive decline of people with mild to moderate dementia. What are we doing then in this space? Well, we are helping to digitalize this and make it much more accessible at a much more cost-efficient manner and to more people. For this, we have developed some solutions over the last many years with the leading experts in this therapy in the world. The first product that we actually launched in Denmark last year, at the end of the year, is the CST- Therapist Companion, and this is a product that is delivering all the therapeutic content for the therapists who are running these group sessions. It's delivering it in a structured way. This is curated, high-quality content, and this is not just something that you develop overnight. This was developed painstakingly and through many iterations with the KOLs, because the way you speak to people with dementia, the way you activate them, engage them, requires a very specific approach. And so this has also proven to be very important to have structured content and a structured approach for the actual health benefits. So this is how we're helping to make this more cost-efficient. We're saving a lot of time for the therapists who are using this therapy. And this is the first product we have on the market, and this is followed up by a product that we have recently initiated the development of, which is the CST Home Care product. This will vastly expand the accessibility of this therapy form, which is by enabling it to be delivered in the homes of people directly. So where today people have to come into a clinic and do the therapy, we will be able to deliver this in people's homes. Many more people will have access, and people will be able to do this for a much longer time, and where today, not enough people are actually being offered the therapy. Also, a quick and very interesting thing about cognitive stimulation therapy, or CST for short, is that it enhances the effects of Alzheimer's medicine, and this has been proven in numerous studies. So rather than just taking the drug, if you also do cognitive stimulation therapy, you see an enhanced overall effect. This is obviously very interesting in terms of treating patients more effectively, but it's obviously also very interesting to the pharma companies who are looking to create value add additions to their drug portfolios. This just brings me to a quick piece of news, you can say, where this summer, in particular, brought a number of major news within the Alzheimer's space, where we saw the first FDA approval of the Eisai drug, which is called Lecanemab, Leqembi in the United States, which is, by some standards, the first disease-modifying drug for Alzheimer's disease ever. There are other Alzheimer's drugs, but this is the first one that directly modifies the biological symptoms by removing plaques in the brain. And so this drug shows a decline in cognitive reduction in cognitive decline, and is highly complementary to something like cognitive stimulation therapy, because even though you remove the plaques from the brain, there is still functional damage and functional deficits, and this is what cognitive stimulation therapy goes in and stimulates. We've also seen similar class of drugs, where Eli Lilly got positive phase 3 results. Also, again, looking very promising. All in all, this means that there is a much renewed interest and investment in the whole Alzheimer's and dementia field, and this has an overflow effect into the entire ecosystem. These companies are looking for partner digital products, and so this is, of course, very good for us as well, and this is just to say that historically we have seen numerous large deals between pharmaceuticals and companies like Brain+. Just briefly on what are the business models now, and what will they look like in the future for a company like us with these digital products? Currently, in Denmark, we are selling in a B2B or B2G, business to government, model, where it's a licensing agreement. Basically, a municipality will buy a license to be able to use our CST- Therapist Companion, either in one unit, in several units, or in the entire municipality for a year, or preferably a renewing subscription, often up to three-year contracts. So that's the classic model as the way we're going to market in Denmark right now, but each market have different mechanisms, and for the big markets, like the U.K., like Germany, the business model will be one where the product will be paid for by either the healthcare system, the state, like we're used to in Denmark, for example, with a lot of the healthcare services we have here. There's specific pathways for this in Germany, and in the U.K. there's also much, much more standardization than we see actually than even in a small country like Denmark. We see, for example, healthcare prices, reimbursements for a digital therapeutic of up to EUR 550 per treatment for a digital, digitally delivered treatment of about two to three months of length in a country like Germany right now. This is a long-term or mid-term business model, in that it's government or insurance, health insurance paid, and that it becomes prescribed by the clinician or by the municipality, in the case like Denmark, that is taking care of the patient. That brings us to the overall potential of the business that we're looking into. That potential is currently estimated to be around $5 billion for digital dementia therapeutics, and here we can think about the prevalence, so the number of patients, already 55 million, and you see already reimbursement levels of EUR 550 in some of the larger markets. This will grow, both the prevalence, number, number of people with dementia will triple over the next couple of decades, and we'll see more, more solid and standardized reimbursement in the, in Europe, in the United States, et cetera. If we compare it to the largest digital, care management or digital treatment today, a disease area, that's diabetes care. That market is much larger, today. It's already $7 billion than, than dementia care, and it's actually a disease that's costing less than dementia. So we project that the overall market potential for digital dementia care will grow to $15 billion-$20 billion over the next 10-15 years. This brings us to the competitive landscape, and here there are some other therapy forms that have been tried out and are being tried out within the dementia space, and these are things like music therapy, reminiscence therapy, cognitive training, and light-based neuromodulation. What they have in common is that the evidence base is much smaller than what you see for cognitive stimulation therapy today. So while they may be effective, something like reminiscence therapy hasn't shown that much of a strong effect on things like cognition and quality of life, which is where something like cognitive stimulation therapy has the impact. So it's very small, the evidence base, compared to cognitive stimulation therapy, both in terms of the effect and the number of clinical trials that have been run, and this is also one of the reasons why cognitive stimulation therapy has gained so much momentum. This is, you can say, also one of the big progressions, this year and late last year, is that the World Alzheimer's Report came out and said, "This should be recommended... This should be implemented globally. Cognitive stimulation therapy is the recommended non-pharmacological treatment for dementia on a global scale" by the leading NGO in the Alzheimer's space. The WHO is also highlighting cognitive stimulation therapy. So all in all, t his is a very strong position for this therapeutic area, where we are the only digital therapeutic company working with this therapy area, working very closely with the KOLs. As you can see, there is also, of course, pharmacology, traditional medicine, where we talked about some of these coming online, actually getting positive results, and will hit the U.S. market this later this year, expectedly. This is a great opportunity for a company like ours to partner with some of these companies to do both complementary studies, where you can actually combine the drugs with the digitally delivered therapy, and also as simply as a standalone treatment that is complementary into their patient populations. So overall, in terms of what is protecting a company like Brain+ competitively, there are a number of things. Here's an, let's say, non-exhaustive list of some of the most important protective and competitive mechanisms that we have available. One is to have a superior user experience and value proposition. This is why we've been working very closely with world-leading experts the last five years to develop our solutions, and we'll continue to do so. We have a first-mover advantage. Once you get in there with a digital therapeutic, it's not as easy as switching from one pill to the other once therapists and patients have learned to work with this particular product and integrated it into their workflows. So that's an important part of the first-mover advantage. Intellectual property, classic mechanisms, we are in the process of taking out design protection. We'll be bringing out news about this shortly. There are other things like patents and trade secrets that we're also working on that are technological, that our technologies are relevant for. Then you have things like trust and, being on the side of the key opinion leaders, which is extremely important in the clinical and medical field. Here, we have been working with the world-leading CST key opinion leaders, and are only getting closer to them, as I'll get back to later. We are working also, and have now, are now officially working with the CST educations. All therapists that are delivering CST need to go through a formal education to actually deliver the CST. This is only done by designated institutions in each of the countries, and we are working with those institutions in Denmark, in Germany, and the U.K., which are our core target markets. Once our product actually gets into these educations, newly trained therapists will learn about the Brain+ digital CST right through their education. This is basically inception at the source, you could say. And finally, there is evidence and data advantage, as we have t he more time we spend on the market, the more of the studies we do, and we've done multiple, as many of you know already, and are doing more, the more of an advantage we'll have in terms of the data that we have on the users of the platform, on the patients, but also in terms of the critical mass of evidence we have for our products. This brings us to the achievements so far this year. It has not been a boring year. We executed a rights issue earlier this year in May, raising a total of DKK 14.3 million in gross proceeds to fund our growth journey. We expanded our first contract with our first customer, which is Herning Municipality, one of the municipalities here in Denmark. We closed our second contract, and we've been getting great interest for the CST- Therapist Companion from more of the Danish municipalities, and are in dialogue with numerous of these. They have a specific buying cycle, which means that most of them are buying in Q4, and so that's where we expect to see more sales, which we have also been open about throughout the year. We also started a collaboration with one of the largest charitable dementia services in Germany, which has 100 dementia cafes in Germany. And in general, in Germany, we have gotten very close with the local CST education there, and are starting now how to figure out how the CST- Therapist Companion can fit into the German education down there. We've been present at the right conferences in Denmark and Germany, and we will be here also in the rest of the year. In September, you have the Dementia Coordinators Conference here in Denmark, where Brain+ will be featured prominently. We've also been progressing with our R&D. We successfully completed one of the large EU projects that has been used to develop our technologies, and part of this was also getting more positive indications on our computerized cognitive training technology, that we won't go into too much detail with today, and receiving additional funding from this grant-funded project. Furthermore, extending collaborations with our partners. So all in all, it's been an eventful first half of the year, and as you'll see, we also have done a lot on the product development. We will be coming out with a version 1.2 of the first product, which is basically doing a number of usability upgrades for our existing, and of course, our future customers that are going to use it. And we have initiated the work on Therapist Companion version 2, which is a significant upgrade. So let me jump to the next, or actually before we jump to the next milestones for the year, we have another, I think, worthwhile thing to touch upon, which is that we submitted grant applications of up to DKK 67 million worth of potential funding, of which the majority of this, around DKK 20 million, would be grant funding, and the rest would be from the European Central Bank, should we be so fortunate to get it in terms of equity funding. And so this is a very, you can say, attractive alternative funding source for a company like Brain+ that is at, in a high impact area like dementia, and we have a very strong track record of, of winning grants. So in the past, we have basically, we have a track record of DKK 72 million worth of innovation grants, and this is capital that has been invested into developing our technologies and validating our technologies. This is both with Danish funding and European funding. So that says a little bit about already the amount of know-how and resources having been put into developing the foundation that we are standing on today, and that is what gives us confidence, of course, that we are spending time on submitting new grants, like these, expecting to get answers in Q4 this year, for these grants. As it is with grants, even if you don't hit it in the first try, you can resubmit and improve your chances by improving the actual applications. One other thing worth mentioning is that for one of these Danish grants, we, in the matter of less than a week, got six of the Danish municipalities on board. It is. We also have got the Danish Alzheimer's Association on board, the largest Danish elderly care association, the DaneAge or Association or Ældre Sagen in Danish, and the key educational institutions for CST. And that tells you something about the very strong interest in what we're doing, because all of these municipalities want access to our technology, and they want to get budget to be able to get our technology. So this brings us to some of the expected milestones and news for e-events. This is not an exhaustive list, but this is some of the main milestones and events that we have also listed in the half year report. So as I mentioned, we will be executing on IP protection in EU, U.K., U.S., and Japan, which are 4 of the markets that we find very, very interesting. EU, of course, will give EU-wide coverage for all the national markets in the EU. We will also finalize the development of the new version of the CST- Therapist Companion, which is the one I talked for a feasibility clinical feasibility trial, and this is the new version 2 of the product. So this is the first product, still supporting therapists in clinical sessions with groups, but this is the version 2 of the product, which is a massive upgrade in terms of the value being offered to the therapist. Much more content, much more ability to actually tailor. This is like, If you can think of our first product as a more of a minimum viable product market, a market product, this is where we start getting really advanced and where the therapist can really start tailoring the therapy, and this is where you can no longer just simply replace the classic way of doing it with what our product can do. So we're really looking forward to that, and we have these feasibility trials already planned with the CST experts. And of course, one of the events that will happen in Q4 will actually be starting that clinical feasibility trial. In the meantime, as mentioned, we have initiated the development of the CST home care product. This is something that we're also developing with the leading KOLs and something that we're very excited about bringing to the market also in terms of adding on to the commercial potential of the company. We are also getting ready for classifying this second version of our Therapist Companion as a medical device. The product in the market right now doesn't have that classification, and we do that classification because it opens a number of doors to larger clients. It opens doors to reimbursement, so it's a worthwhile investment. It's a quality stamp of approval in the clinical community as well. We will also be starting a usability study in Germany, so we'll both be doing studies in Germany and in Denmark of the version two of the product. We are also, as some of you know, have a product aimed at mild cognitive impairment and using our computerized cognitive training technology for that. So that is a project that we are developing with experts in that, and we are ready to start the clinical pilot on that technology specifically later this year, and I'm really looking forward to getting the results out of that one. And then we have a number of partnership dialogues going on, so we do expect to announce new partnership agreements later this year. We'll wait with the financial stuff until Hanne gets the stage. But on the commercial side, as I've also mentioned, we will be introducing an upgraded version of the first product, and we do expect to close a handful of sales contract later this year with the municipalities. I remind everyone that the municipal buying cycle typically is 12-18 months, and so all the good groundwork we're doing, the brand building, the interest creation, and the many leads we have. We have about 45 leads in the pipeline, of which about 15 of those are closer dialogues, and we're also doing outreach to the full 98 municipalities in Denmark. And within each municipality, there can be multiple potential units that can benefit and can be customers of Brain+. So there is a lot of potential still to be had in a country like Denmark. This brings us to the commercial plan, where in Denmark, our job is to scale and expand, building upon our existing sales. The first handful of customers always are hardest to get. These are the reference customers that we can then build and scale more easily and more quickly to the other municipalities. We are also working to integrate into the Danish formal CST educations, which will also be a continuous source of business, brand building, and awareness once we are actually in there. For Germany, we introduced the CST- Therapist Companion at some of the major conferences there. We are still doing more adaptation work with the CST experts there, and are working with them now to get it into the formalized CST education that's being established in Germany. Germany is a less mature market in terms of CST than both Denmark and the U.K., but it's still a market that has very great potential, 1.5 million people with mild to moderate dementia, and one of the more advanced reimbursement pathways for digital therapeutics. This is why we wanted to get in there early. Also, still working very closely with Roche for the market access piece, which is the regulatory piece and the reimbursement piece, and this will be something we're focusing on for the version 2 of the Therapist Companion. So that's our focus for now in Germany. Still working with the Danish- German Care Alliance, that we're a member of, to get in front of some of the largest potential future customers for Brain+. I think what we are really excited about is also the UK market, which is the biggest market for CST in the world today. There's 6,000 trained CST therapists who are... and the number is growing all the time over there. So CST is being used in 80% of the NHS trusts, which you can very roughly correlate to the Danish municipalities, the ones basically taking care of the dementia patients in the UK. So we have already primed ourselves with the CST experts, with a number of trusts to prepare for UK local pilots. The product is being adapted with UK content, again, with the UK KOLs, and we're also looking there to integrate into the UK CST education. Our aim is to launch next year in the UK, and so this year is all about getting ready for that with the already great and existing partnerships, and experts that we're working with over there. Then very quick zoom out. Now, we looked a bit at 2023, but 2024 will be the launch of the second version of the Therapist Companion in all markets, Denmark, Germany, and entry into the UK. In 2025, we are planning to expand to more markets, and we have the US as probably the most likely candidate, and are also very interested in markets like Japan and France. On the clinical development side, we will finalize the clinical usability studies. We'll execute the IP rights protection this year, and then we will certify as a medical device next year with a version 2 of the product and go for reimbursement in the target markets. This is for the Therapist Companion. For the second product, the home care product, we are already in the product development stage, as I was just telling you about, and we'll be running studies next year with this product in order to be able to launch, achieve medical device certification and reimbursement in 2025 in all markets. And the third, you can say, path is our product for MCI, which is currently being run in a grant-funded project. There, we will talk more about the plans later on, but that is more in the R&D phases, as we are right now. So you can say, looking at where we are now, we are in a much stronger position. We have really progressed far this year. We still are in a unique first-move position with the leading dementia non-pharmacological therapy in the world, in a massive unmet clinical need, working with the absolute key opinion leaders on a global scale in this field. So with that said, I will hand over to Hanne to explain a little bit about the half-year results and the upcoming warrant exercise. Thank you, Kim. So as Kim also said, we published our half-year report for 2023 yesterday, and this showed that in that period, we realized a gross profit of DKK 1.6 million. It's DKK 0.3 million less than in the same period last year, which is mainly a consequence of us finalizing some of the grant projects that Kim also alluded to, because we are capitalizing these on our balance sheet to actually show and demonstrate the value being built into our technology platform. And since these grants are now coming to an end, some of them, that was a smaller contribution. And we are on target to reach between DKK 3 million and DKK 4 million in gross profit for the full year, so exactly in line with our expectations. Our staff expenses decreased from DKK 6.6 million to DKK 6.2 million in the same period last year, and that is a consequence of a very cost-conscious approach. So we are really trying our best to balance sort of the funding of our growth value and all the achievements and the development of our products against a minimum cash spend, realizing the relatively difficult funding situation for companies of Brain+ type under the current circumstances. So we realized a total loss of DKK 6.1 million, which compares to a loss of DKK 4.1 million last year, and this is mainly due to a higher depreciation and amortization of the completed grant projects we have capitalized. So excluding or moving to the cash flow, excluding a one-off cash element of DKK 4.1 million, our operational cash flow for the first half year was minus 6.9 versus 7.7 million last year. We ended the year with a cash balance of DKK 5.3 million compared to DKK 2.5 million last year. With this cash at hand and upcoming funding events in the next half year, we expect to have sufficient to finance our continued growth trajectory into the future. One of these funding elements in the second half, and now turning to the slide you have in front of you, is the unit rights or the exercise of warrants, which is associated with the unit rights issue we did in May this year. We have a total of 28.5 million warrants of Series TO2 outstanding. These warrants are exercisable in the period from the 2nd-16th of October this year. They will be priced based on an average price of our existing shares in the period from the 4th-28t h of September, less a discount of 30%. All these terms were presented at the time of the offering in May. It's very important to notify your custodian bank if you want to exercise your warrants. The reason why this capital increase we did is structured this way is essentially to try to protect our existing shareholders best possibly from too much dilution. The offering was, of course, with the main objective that we are focused on securing capital for our growth and our development, and for the commercialization and the sales trajectory we see in front of us. Spreading it out into three funding elements was a means to actively try to lessen the dilution and also doing it as preemptive rights for our existing shareholders. Any other questions you may have on the structure, but it is really in our interest to try to secure or save our investors or shareholders best possibly against dilution. But it is hard terms in the current market conditions. I think that was it from my side and our side, and I think we'll now open for questions. Absolutely. And also, of course, a big thanks to the existing shareholders and the ones who joined us during the unit rights issue for being with us until now. Perfect. Thank you to the both of you. Let's jump directly into the questions. So the first question here: What is the future plan for the company? You lost 94% of the market value since you went public and 70% within the last three months. How does your timeline look to turn the ship around to bring some upside? Yes, maybe I can... I can start on the share price decline and the market value decline we've seen since the IPO, because we are sadly, of course, very aware of this. I think at the time of the IPO, we presented a clear plan and an outlook for how to mature our pipeline of digital dementia therapies and, sort of, how can we say, exercise on the opportunities and the very interesting and very value attractive field we are operating in, and how to reach profitability for our company. And I really think we have, we've executed on this plan and made several advancements, including an early market introduction of the first sort of viable product, as Kim also alluded to or presented. And in order to get awareness or to create awareness for our products and our offerings and to generate the first revenue, which we have succeeded to do. However, it does take time to build sales in a new market, and digital therapies is still a new and an upcoming field. So we're still in need of capital and in financing. But I really do believe that what we have seen is more, I'd say, market conditions and maybe not a fair, how can we say, signal from what we have created in the company in terms of value and achievements. Yeah. In my personal opinion, there is a fairly large disconnect between the market valuation and the fundamental value and achievements. And referring back to the amount of capital invested and the actual achievements only progressing and overperforming according to the plan... I think there's some outside forces that are basically that we are under influence of. And the best thing that we can do is to keep on performing at our highest level, as focused as possible, which is basically what we're doing, delivering on the plan, delivering on the milestones, and of course, delivering that news to the market as well. Perfect. The next question is also regarding the share price. So the question here is: How do you explain why the share price after rights issues dropped down a lot? Why does the market not feel confidence about your future? And the second part of the question, any new business development plan? Hmm. So it is really just continuing from what I said before. I think not to put anything or all explanations to the market circumstances, but when you do an offering like the one we've done, there's a lot of technicalities in the markets. And I honestly feel that what we have seen since the offering and the decline in the share price is very much due to technicalities and not so much to fundamentals. Because in that period we have actually delivered and we have again progressed, and Kim has just shown the line of achievements made by the company in that very same period. So it's hard, and it's not for companies to actually comment exactly on their share price. We are very sorry, because we are extremely appreciative of our investors, and we just have to say, being an investor in a company like Brain+ requires some patience. And we do believe, and we firmly work very, very dedicated and hard, and Kim can add to that, to build value into our company and, to show that the share price will increase going forward. Yeah, and I think, to add to that, any microcap company of the type that we are, with more of a large long-term potential, still early in the commercialization, you see unit rights issue having the same effect on prices for all of these companies. So that's not something that is specifically company related. Unfortunately, that's just how the markets work these days. So, personally, I still feel that we are in a much stronger position, and so my hope is that the patient investor will be highly rewarded, if they stick with us. That is what we're working very hard to make reality. Perfect. And then we have one last question here regarding the shares, and it's specifically for you, Kim. Kim, how many shares do you own in the company? Did you sell everything in connection with the capital raise? No, I did not. I sold some of it to new investors, basically to... for some of you who have followed the news very recently, to avoid putting the Brain+ under this lagerbeskatning, this tax issue, when you drop below 20-10%, and you are basically easily forced to sell shares as a founder, which is super damaging to the company share price. So I can highly recommend anybody reading, some of the Danish newspapers, this is one of the biggest issues in terms of Danish public companies and why there are actually so few of the companies that are choosing to IPO. So I kept all of the shares that were subjected to that, which were the ones in my holding company, and I kept all the shares that I could that were private, which are not subject to that, that type of taxation and does not cause an issue. My incentive, my incentive is still as strong as ever. That's why we have the incentive program in place for this company, and this is still my baby that I have spent the last 10 years building. So I'm still all in on this company. Maybe what we can add to that is that the entire management and board altogether increased their investment in the company together or at the time of the offering. Yep. None have sold since. It has to be said that I didn't make a single DKK of profit on that sale, and I invested more money in the company during the rights issue. Thank you for that. The next question: In May and June, you participated in different conferences. What was the outcome of these? Have you gotten any new leads for the product? Yes, we have. I think both in Germany, we got a lot of interesting leads with some of the bigger players, and in Denmark, at the Dementia Days, that is where we got a lot of the new conversations going that we are now re-engaging here after the summer is over. So we are very quickly becoming a well-known brand name, you can say, among Danish municipalities in dementia care. Then the next question: You stated that the approval of the new dementia drug by Eisai and Biogen is good news for a company like Brain+. How do you actively plan to take advantage of this drug approval so that the market understands the benefits of combining treatments for Alzheimer's and dementia, and you gain the effect not only on paper, but in reality as well? Yeah, I think it's not a secret that one of our strategies is to partner with the big pharma players. That's been something we've been saying since the IPO. We have been working with Roche in Germany via RoX Health, and we are also in dialogues with other pharma players. So we are looking to do partnership deals, and they can come in many forms. It can be co-development, it can be licensing, it can be co-commercialization, or full like out-licensing, where the pharma partner is basically doing all the commercialization. So this is one of the ways that we're working to create value out of this great opportunity, because what you see is that once these pharma companies start having success, then they start allocating much larger investment budgets into these areas. That's how, that's how it works, and that also means much larger investments into anything that will add value into those areas. Here there is a very, very quickly growing recognition that digital therapies will add value into these specific areas and will help differentiate also even the Alzheimer's drugs. There's also a question here that is a bit with regard to stocks and shareholder benefits, so let's take it now. Do you have new business plan on how to gain market confidence and protect shareholders' benefit? So I think rather than it being new, it's getting more and more clear and granular, the plan. And I hope people who have followed us since the IPO, that that is very visible to you. We have three target markets that we're working on in a sequential and very kind of logical fashion, with a resource allocation according to that, with product developments being planned according to each of these markets, with the regulatory and reimbursement pathways also being mapped according to these markets. So I think we have, rather than a new plan, it's a much more refined and clear plan, where we are very much in execution mode now, where at the IPO we were still more in the planning mode. I'm not saying that we're not getting smarter on these markets every day. We are, and we will get even smarter on big markets like UK, Germany, and the United States. But that I would say is where we are. We are very much in execution mode now. I also think adding to that, what we definitely believe is with the launch of the new product versions we have, that there will be, within the next 12 months, a much more substantial validation of our offerings in the market that can help sort of create this, this confidence. Then there's a bit of a long question here, so I will cut it off in a different piece. With regard to the subscriptions already made, can you clarify whether you have had full subscription in these municipalities, or is further subscriptions possible? And how is the subscription working? Is it a one-time fee, or is it a subscription fee that must be renewed? Yeah. So in one of the municipalities, first it was a one unit that bought, and then the municipality came back and says, "We would like to have access to all therapists in the municipality," and then they bought a municipal license. That's just one example of how we can expand once we have a foot in the door. For the other municipality, there it's as far as I remember, and we don't have our business development manager here, it's a one-unit sale. It's not something that is covering- Good. ... It's not great. So it's not something that's covering the entire municipality, which means that there is room to grow, and I think that is the case for all of these. If you think about a municipality, that's kind of a bit of an umbrella unit. Within that, there can be numerous units that can potentially be using our products, right? So of course, we're seeking to get access and penetrate all of the municipalities, but also to grow within each of, within each of them. And, to the rest of the question, this is... I, I mentioned it earlier, but I'll mention it again. This is typically like a license agreement, where a number of therapists get access, typically a full unit, a training center, for example, or facility, will get access to all their therapists on the license, and that is then usually a three-year license. It can be of different length and renewing on an annual basis as well. So there are different forms. So we try and really tailor the individual. It's a software as a service contract, you can say, and we try and tailor it to the needs of the particular customer. Yeah, perfect. Then the same person has a follow-up question: What are your expectations with regard to the fundings that you have applied for? So I assume this is referring to the grant applications. Personally, I have high expectations because of our strong track record, where I would say we have succeeded in most of the grant applications that we've done. Not necessarily in the first shot, which means that you might get an evaluation back saying, "Improve this, improve that," and then reapply, but eventually, we usually have gotten them. At least historically, that's been the case, as you can see from the many millions of euros that we have gained from grants. So I'm strongly optimistic on these. And, as you probably can gather, we're also quite persistent and resilient, and we'll keep on applying until we actually get these grants. Also, because this is a very, a very important way or funding source for us to protect investor dilution. So it's absolutely non-dilutive funding, which is also why in these markets, we find that particularly interesting. Yeah, adding finally to that is that one of the reasons we're in the public markets is that we need equity funding to scale the commercial part of the business, but we still have a lot of R&D activities going on, and their grant funding is excellent for funding those types of activities. Yep. And, the same person, last question from him: How is the sales process in Denmark, Germany, and UK developing? I think we've covered some of that, quite a lot. I think in Denmark, it's developing as we are hoping for. Very strong interest, very positive feedback on the product. It's a matter of really patiently working through the sales cycle of the Danish municipalities. In Germany, as I said, our primary approach is to work with the local KOLs to get into the education there and to get in front of big customers via the Danish-German care lines, and that's kind of the primary thing we're doing there. In the UK, it's a bit too early to say. I can say that we're in some dialogues over there about how we want to go into that market. As many of you know, and I want to repeat, is that for large markets, we want to partner our ways to distribution. We don't want to build huge sales forces ourself, so these are some of the talks that we're having in these markets. I think adding to that, in this particular line of business, it is extremely important to actually create strong liaisons and engagement with the key opinion leaders, and also have clients feel that we are attentive to their needs, and that we are structuring, and adapting, and upgrading the product all the time against or aligned with the feedback we get from them. We have work groups with many of the municipalities here in Denmark, and we are connected very strongly with the key opinion leaders in both Germany and the UK, as Kim also said, which is important elements in building the awareness and the market confidence in this field. Can you tell about the benefits of your CST program compared to other used methods? Is it true that the users save about eight hours work per treatment session? Let me separate that into two, because one thing is the slide that I showed on the competitive landscape, which is Cognitive Stimulation Therapy as a method in itself versus other therapies like reminiscence therapy or cognitive training. That is where Cognitive Stimulation Therapy has, by far, the most well-proven effect and the biggest effect on cognition. This was a 6-month delay in cognitive decline. Imagine that you can live... Because you're not really extending the lifespan of a person with dementia, but you're making sure that that person can operate at a higher level for a longer time, which means that they have more independence, they need less care, and that means also from a cost perspective, they're less costly, they're less of a burden on the caregivers as well, and on the system. This in itself is very valuable. It also has proven to improve quality of life and communication, and this is basically the reason that this therapy is recommended for global implementation. Then, the digital solution that we're bringing to the table, that, then adds some additional benefits to that. One of them is the time-saving element that is being mentioned, for the therapists. A lot of the big savings is in the upfront savings, especially for new therapists, where it's—I don't remember the exact number, but it's maybe 40-50 hours in the total upfront investment of getting into CST. Then on a per session basis, there I would say that's, that's less, that's more like 1.5 hours of, say, preparation time, and that, that is for our first product. For the second product, you can say, there'll be so much more content, and you'll be able to instantly tailor it to a group that is. Not only do you save the time, but it would be hard to ever reach the same level of quality in the content. So these are two different aspects of that value addition. The other aspect that I think is worth mentioning is that when you look at the literature, like the scientific studies, where they see does CST work and when doesn't it work, it really matters how structured you deliver the therapy and if you follow the principles. This is what our products helps the therapists do. It is clear the structure. It follows the principles. It is highly curated quality content developed with experts. So we're also ensuring consistency in the delivery, which really matters to the outcome. Yeah, perfect. In the future, will you continue to focus on Alzheimer's and dementia or also move towards other diseases such as depression? So let me put it this way. In the near term, and for me, that is in this, in this respect, for this question, the next, I would say, three-four years at least, we will focus on Alzheimer's and dementia. It is in itself such a massive possibility, potential, and unmet clinical need. If you look at within dementia and Alzheimer's, you have the people who have the dementia diagnosis, but as I also mentioned, and many of you know, then you have the stage before that with mild cognitive impairment, and at this stage, people can still take care of themselves. This is a huge segment. It's maybe 150 million-200 million people in the world in this segment, and it's a clinical diagnosis, and this is also where many of the new Alzheimer's drugs are most effective. So just, just working with these segments, and being first mover, and taking the leadership position here, I think is enough for the short term. However, that is not to be said that the technologies, the products, and the methods are not applicable in other disease areas, because personally, I believe that they are. Also things like brain injury, Parkinson, multiple sclerosis, for example. So I'm not saying that we wouldn't start up R&D collaborations in these domains, as the years progress, and we get more resources available. Another aspect is actually also that you oftentimes see, and more often than not that early-stage Alzheimer's patients or people with early-stage Alzheimer's are very often diagnosed with depression. Because the whole sort of lack of control, the sort of trajectory they see in front of them, that actually gives them a depression. So being able, with this product and with the whole CST sphere, to help them regain or continue to monitor and do their work or their life, in a better way, that can potentially also help the depression, sort of aspect of the disease. But it's not an indication which we're working directly for, but as it is an associated sort of indication related to the dementia or the cognitive decline, it can potentially also help there. Then we are at the last question here. It's a, it's a live question I can see. The market for digital dementia treatment was valued at $5 billion in 2022. Do you know what that valuation has been made, and what is the other kind of digital dementia treatment method today that gains the $5 billion in revenue? So this is, I think a mix of some of the things that I mentioned earlier. So this has to do with the disease, like the size of the disease population. So there's 55 million people with dementia in the world today. Then you also have, as part of this, we also think about the people with mild cognitive impairment, so that's an additional 150-200 million people actually in that population. And then you have things like average prices that you can expect to get reimbursed or charged to try and get to a lifetime value of these customers, and there, referring back to what I mentioned earlier, in Germany, which is one of the more mature markets for digital therapeutic reimbursement, the average price is EUR 550. So these are some of the key components going into making a market sizing like that, and the growth then follows some of these trajectories, both in terms of the disease population growing, and so the prevalence is growing, and the expectations about penetration, potential reimbursement, et cetera. So I hope, I hope that answers the question. Yep, perfect. So that was all the questions. So before we end the webcast, I will hand over the mic for you to give some final remarks, if you have any. Yes. So, thanks for sticking in there, a little over an hour. I think, I want to say it's been a great year. Thank you all for being with us. Whether or not you're an investor or just an interested supporter, thank you very much for that. I think we are in the strongest position ever, both as a company, but also in terms of the choices we've made, the therapies we're working with, the partners that we're working with, and the future potential that we have. So while we're weathering the financial storms that are happening out there, our fundamentals are all going in the right direction. So I'm very excited to see how it will unfold from here. Also from my side, thank you a lot for listening in and for your very relevant questions. And if there's anything you believe or feel in our story or in our business that is unclear, please don't hesitate to reach out to us. We're here to answer any questions. So thank you. Thank you all. Have a wonderful weekend or wherever you are in time.