Good afternoon, and welcome to this investor update with Brain+! With us today, we have the CEO and the CFO. First, there will be a presentation, and afterwards, a Q&A, where the management team will answer questions submitted via Stokk.io. There have already been pre-submitted questions on Stokk.io, 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+ to start the presentation. Your line is now open. Hello, and welcome. So we had an investor webinar update fairly recently, but today marks the opening of our unit rights issue, so we wanted to do a deep dive, both on the unit rights issue, but more importantly, I think, is also go into a bit more detail on our go-to-market strategy and our product strategy. So while I will give a short and brief introduction to the overall company, I can recommend for newcomers to go back and watch some of the previous webinars for a more thorough introduction to the company overall, because we'll be spending more time on deep diving today. But let's jump straight into it. Brain+ is a company that is developing health tech solutions for treatment and management of dementia, one of the largest unmet clinical burdens that we have in the world today, and one that is threatening to overthrow the healthcare systems. As a company, Brain+ was founded on the idea that the brain can actually be trained and treated using software-aided and health tech-aided tools. We have worked with a number of different health tech and software technologies over the years that are all focused on improving and maintaining cognition, so our ability to pay attention, to focus, basically to use our brain functions to be able to handle ourselves in daily lives. During the first years of Brain+'s existence, we developed three core technologies based on a number of grant-funded projects, and this includes cognitive training, a cognitive training technology. It also includes a memory test, originally developed by Oxford University, that can be used to do screening and early detection of Alzheimer's and dementia. And these technologies are ones that are in our portfolio and will be part of our product, and are part of our product pipeline for some of our later products. But as you'll see, we are starting with another product, and I'll dive a bit more into that product pipeline later on. However, about 5 years ago, we started working on the dementia area, because we could see a great unmet clinical need, and as we IPO'd the company about 3 years ago, we went all in and focused on 100% on dementia, which has led us to the development of our first product, which is, which I will dive a little bit more into later, called the CST Assistant, which is a health tech tool for therapists delivering dementia therapy. The particular dementia therapy that we are focused on is today the world's leading one. It's called Cognitive Stimulation Therapy, and it is consistently over decades of research, hundreds of clinical studies. It has shown consistent clinical benefits for people with dementia. So these include improvements in cognition that correspond to a 6-month delay in cognitive decline, improved communication, and quality of life. I want to mention a few things here, where we're starting to get a bit more into the details than before, actually, and that is that for this reason, the level of clinical evidence of cognitive stimulation therapy, this is actually the only non-drug therapy that is recommended by the National Institute for Health and Care Excellence in the U.K., for people with dementia. It is also the only therapy that is recommended by the World Alzheimer's Association on a global level for global implementation an d scale. Another proof point in regards to how well-recognized this therapy is at the clinical level in the clinical community is the fact that when a person in the U.K., United Kingdom, which is our core target market that we're going to enter this year, when a person with dementia is diagnosed in the U.K., this is being done by consulting psychiatrists or so-called old age psychiatrists that are working in the NHS Trust. NHS, the National Health Service, and so they're the ones doing the diagnosis. These psychiatrists who are certified under a so-called MSNAP certification, they are actually mandated, required to prescribe cognitive stimulation therapy to the person who is diagnosed with dementia. So there is a lot of push from at the system level, from the policy level, to get cognitive stimulation therapy out there. So now I've given some more concrete, detailed examples, in particular in our target markets, which is a great support for our products being rolled out in those markets. Just very briefly on how it works, it's a group-based psychosocial therapy, where 4-8 people are guided by a therapist through a number of sessions, and this is a 7-week program, and that is resulting in the benefits that I showed you before. One of the things that makes it, makes it effective, is the fact that it's multimodal. It combines things such as social therapy, movement, cognitive training, reminiscence therapy, and music, and it is the only therapy that does so. And while there are some competitors in each of the individual therapy areas, there is none in the actual cognitive stimulation therapy health tech solution area. Here, Brain+ is leading and pioneering the creating health tech solutions and software solutions for delivering CST. So one big question that you can ask yourself is, well, if there is this great and clinically proven, clinically relevant therapy, why is it not more widespread in the world? Well, let's look at the U.K., which is our target market, and this, what we say here is quite generalized for other markets as well. Actually, the first one, lack of awareness, is not the case in the U.K. as one exception. This is in the rest of the world, but it's coming very quickly, the awareness, now that the World Alzheimer's Report came out and made this recommendation. In the U.K., CST is actually recognized by the clinical community, but their problem is the lack of healthcare staff and the fact that it takes a lot of time for therapists to prepare for one of these cognitive stimulation therapy sessions. Another issue is that there's no standardization today. A therapist will go through a one-day training, and then they're left on their own to do the therapy, which means that they usually have to spend several hours before each session to create all the content for actually doing that therapy, which makes it very time-consuming. So there is this lack of standardization, there is a lack of healthcare staff and resources to deliver something that in the U.K. is actually a recognized and recommended, required even, therapy for people with dementia. This is, of course, where Brain+ comes in, and again, touching briefly on the first product, I wanna spend a little bit more time on the later products in this webinar. But the first product basically solves these major pain points of the healthcare systems. One is it automates the process of getting ready for delivering a CST program. It has the largest library of expert-validated CST content that has been developed with the world-leading experts, and basically, this is also standardized to the quality principles of CST, so we can deliver a consistent quality-type CST when using the content, this CST Assistant, which is a tool for the therapist. We have already learned in our usability studies, which was also our expectation, that there is a significant cost saving when using this tool. 50% of the preparation time is removed, and even more preparation time is removed when we're talking about a newly trained therapist was not done CST before. We have done this with world-leading experts, and we have their endorsements as well. This is a very strong and important go-to-market selling point when we go into a market like the U.K., where the key opinion leaders, the experts there, they're opening the doors for us to the NHS trusts who are our customers, and also just having that stamp of validation from these key opinion leaders. Professor Aimee Spector here from University College London is the original inventor of CST, and she's been working with us basically to develop high-quality content and also is collaborating with us on our future product pipeline. So now we're gonna get into a bit more of the actual action plan, and then we can dive into some more details on the actual go-to-market strategy before we move on to the product pipeline. So the way we approach a market like the U.K. is that we're both thinking about it from a bottom-up and a top-down perspective. Bottom-up, one of the first things we do is we wanna harvest the low-hanging fruits, and one of that and that first step is to collaborate with some of the big charities that are delivering cognitive stimulation therapy over there, and that's exactly what we're doing. We're collaborating with Age UK, which is one of the most influential and large charities in the U.K. that are for elderly people, and they're both funded by the NHS. They're also funded by private money, and they're delivering a lot of cognitive stimulation therapy. So with them, we have been running usability trials on the CST Assistant version two in the U.K. on the ground, and that has already yielded great interim results, a lot of positive feedback, and a confirmation that we're saving 50% of the preparation time, also in a U.K. context, in terms of how our product is being used in the U.K., which, of course, de-risks the whole go-to-market of our U.K. strategy. So that is the first step is getting in there. Then the intermediate steps, because this is something we're already doing, is to actually have a product that is regulatory-ready, regulatory-approved, so to speak, and can directly start selling to the NHS. For this, we have a few more steps that we are basically gonna go through over the next three months, or three and a half when we include the latter part here of June. First, according to plan, we will be releasing the CST Assistant version 2, first in Denmark. So that will happen in this second quarter, so basically this month, and we are on track to do that as planned. This will not only serve as an improved product experience, a more valuable product for our Danish customers, but more importantly for us, it is a live market testing of the product prior to the fact that we will be introducing it in the United Kingdom, which is, for us, where the big prize is, where we will be making the big money, so to speak, in the coming years. So that milestone is on track. Then we will make sure that our product will live up to regulatory requirements, and the product will be launched as a Class I medical device, according to U.K. regulatory requirements. And one of the reasons this is very important for us is, there are several. One thing is that it sets a medical device product can have medical claims, and we will also have medical claims relating to the cognitive stimulation therapy benefits for the patients who are in therapy using our tool. And we are on track to deliver that as well in Q3, so between August and September. And that also means that we are rising above the many products that are there for just activating people with dementia. If we look at who the competition is in terms of the budgets out there, well, on the one hand, we are competing with attention and budgets, and a lot of the things that are being sold out there are not medical products for dementia. So the fact that we've become a medical device, that sets us apart. The fact that we have KOL endorsement, that sets us apart. The fact that we are using Cognitive Stimulation Therapy, which is recommended by NICE, that sets us apart. So there are all these things that creates a unique position for us and our products in the United Kingdom, and the Class I medical device is one of them. The other aspect, which again comes into the, you can say, the mechanics of the go-to-market strategy, is that when a product has medical claims, we can start also putting a value to that when we're asking the NHS to pay for our product. So that means that we can demand a higher price. And as we go along in the U.K., we will have more and more data to do so. But initially, we can do it based on the claims in our medical device certification, and when we get even more data, we can start doing it based on actual cost savings that we can measure across the NHS. Because one thing where the U.K. is somewhat similar to Denmark, is that people are very carefully tracked along the whole healthcare pathway, and all costs are meticulously, and data points in terms of people's healthcare spend, how many times they visit the doctor, what medication they're on, all of this is digitally tracked in the U.K. Which means that it's very easy to go in and basically see the actual difference in a person that has been training in our programs with CST and see how much healthcare costs they're using compared to somebody who hasn't been. The general strong hypothesis is that people who are do ing Cognitive Stimulation Therapy are having much lower healthcare costs downstreams in the healthcare pathway than others, because there will be a most likely a reduced need for hospitalizations, a reduced need for doctor visits, a reduced need for the family members to go to the doctor as well. So there are a number of points where we will be able to show over time how Cognitive Stimulation Therapy impacts the cost of delivering healthcare in the U.K. So now we also touched a bit upon the reimbursement pathway, but I'll get back again to some more details. So we're still at the bottom-up version here. We are also not only doing the medical device certification, there's also some other U.K. regulatory standards, and of course, GDPR, that we're all familiar with by now, that we have to live up to. And all of this will be done as part of the work we're doing in the next couple of months, and we all have already been working on that for a long time, and we are on track to deliver that according to plan in Q3. Once introduced, the product will be basically introduced in Q3, so before the end of September in the U.K., according to plan, then we can start selling, and we are, of course, already working with the trusts on that. But the first target is to sell to the first trust. And let me get into some of the details about how we're going about that. So one thing is that we're working with a commercial partner called Quiddity Health that I'll be getting back to later that is very experienced in this. But one of the first things we're doing is we're identifying all the healthcare NHS trusts that has prior experience with cognitive stimulation therapy delivery. For us, this is we define an early adopter segment, and this is one of the characteristics that they're already familiar with delivering cognitive stimulation therapy, only they have been doing it manually before, and we will now enable them to do it at a much more efficient way with our tool, the CST Assistant. So that's the first criteria. The second criteria for choosing this early adopter segment is that they are... have been some of the progressive NHS trusts in terms of adopting digital health solutions for delivering therapies. And this is something that Quiddity Health, our partner, is also helping us identify, because they have been working with 30 different digital health companies, basically getting them in, adopted in the NHS. Based on this, some of the first regions that we have identified and that we're targeting initially are Manchester, Liverpool and Leeds. And these are not the only ones we'll be speaking to, but just to say that these are, for example, high-priority targets for us that we're already reaching out to and building conversations with. We are building conversations with a number of other NHS trusts as well, both for potential customer pipeline building, but also in terms of collaborations on testing our current and future products. So we're building that customer pipeline this year, and as we go live in the U.K., our partner, Quiddity Health, will really amp up the volume in terms of outreaches. I'll get a little bit more back to that, soon. Now, after we have sold to the first NHS trusts, and we will continue to expand in the early adopter segments, and we know for a fact in the U.K. that you start with smaller contracts, and then as you expand into the segment, you will have larger and larger contracts, you will have larger and larger annual sales. The NHS trusts, the way that their budget systems work, means that they preferably pay once a year. So you can have a recurring model, but you'll be paid once a year upfront, which is one of their usual models. So it's still a software-as-a-service type solution, in the way if you want to think about the business model, that is being paid on an annual basis if it's a recurring contract. So there, it's always about finding the way to fit into the way these budget systems work, and that is something that we've been working with Quiddity Health on, also based on their experience. So we expect that we in early 2025 already will be expanding our sales footprint and having more sales, basically, with the aim of reaching U.K. market break-even during 2025. And this means that we will be having enough sales in the U.K. to offset all the sales and marketing costs that we'll be having in the U.K. In parallel with this, we'll be working on establishing top-down pressure on... Or you can say, top-down motivation, would be a better word, for getting the NHS trusts to actually buy into what we're doing, and actually decide to pay for our solutions. As soon as we have sold to the first NHS trust, we basically open the doorway to looking for larger regional reimbursement. In the U.K., the organization is according to some regions called integrated care systems, and here, each of these systems, they have a specific budget that they can operate with based on the number of people who are there. Therefore, they're actually very incentivized to make to reduce healthcare costs for their particular region because they're responsible for all medical care and also for social care. So if we can go in and we can not only save resources in terms of delivery, but we can also show cost savings, and we're a medical device that can make medical claims with a certain value on it, then we can work with the Integrated Care Systems to basically be reimbursed at a regional level of an Integrated Care System. And as soon as we have two or three of those systems, we're looking at a very attractive revenue potential. Once we have regional reimbursement, we could be looking into contract sizes of up to GBP 500,000 or EUR 600,000. In the meantime, we'll start with much smaller contracts, but be working our way up towards this. And then as we reach this integrated care system, reimbursement contracts, which we aim and plan based on also experience from Quiddity Health, that will be somewhere around the 18-24-month mark. This is when it starts getting really, really interesting in terms of scaling faster and faster in a country like the U.K. That tells you a little bit about both the steps to get there and how we're slotting into the system in terms of our go-to-market strategy. I will wait a little bit with which key stakeholders, and just, like, take a quick look at Quiddity Health. Just to say that it's-- I think it's important to note that in the U.K., this is not something that is being done for the first time. It has been done many times before. The U.K. is one of the most mature markets when it comes to adoption of digital health. Quiddity Health is the leader in terms of digital health therapies and helping those being adopted into the U.K. It's a highly specialized team, and what they have been doing with us up until now, starting earlier this year, has been to identify and define the go-to-market strategy, identifying the primary targets, the early adopters that I was talking about before. As we launch, we'll turn up the volume, and they will become our extended sales force, where they will actually be doing outreaches to the NHS trusts through their network, through all of their existing contacts, of which they have many, up to about 800 outreaches per month. And this is really what will drive our sales pipeline in the U.K. They have helped market-leading digital health companies in other disease areas. So if we look at mental health, for example, they have helped companies like SilverCloud and Headspace to penetrate the NHS. Also, for those things that are around here, they have been helping companies like Hestia and Radiob otics to enter the U.K. And just harping a little bit on the fact that this is actually what we're trying to do here, is a fairly tried and true go-to-market pathway in the U.K. And this is just one historic example of how SilverCloud managed to penetrate the NHS and really go very, very big, very, very large, basically saving the NHS GBP 50 million in savings over a decade, having over 1 million users on their platform. And this just tells you about the potential in the U.K. We have pretty much similarities along all the parameters with SilverCloud, except that we are in dementia, where we have a unique position. SilverCloud is in mental health, where there's actually quite a bit of competition. They are also working with the leading therapy within mental health, which is cognitive behavioral therapy. That is the gold standard within mental health, like CST, cognitive stimulation therapy, is the gold standard within dementia. Other similarities is that when over the last decade, mental health has been a high priority for the NHS, now dementia has become a very high priority for the NHS. So we are really helped by this fact in terms of the top-down political, both pressure and support, for doing something about dementia in the U.K. You can also see from this slide that Quiddity Health, our partner, was helping SilverCloud commercialize in the U.K., and after a number of years doing this, SilverCloud were acquired by one of the larger, virtual care and digital health players from the United States called Amwell. So if we look at the U.K. and our, you can say, timing, the timing is right, and we have all the puzzle pieces that are necessary to basically bring our solution to the U.K. Actually, the unmet clinical need has just been upgraded in terms of the estimates for cost, which is now higher than GBP 25 billion a year for the U.K. system. There's these very clear and good reimbursement channels that we have been talking about before. We are launching a new product, a medical device product, that is solving critical pain points for the NHS, and we have a clear go-to-market strategy with the right partner. Just to touch on one more point on that aspect, when we are selling into an NHS trust, so while it's not a simple sale, of course, once the sale is done, you're really in and you stay in for a long time, and it's hard for a competitor to come in. But we have a clear pathway in, and that is working with the clinical lead and the innovation lead first, and we have such a strong case with both of those due to all of the things that I've been telling you before about CST. Once those two are convinced, you bring in the budget decision maker, and here we are helped by all the top-down support, recommendations, priorities that we see in the U.K. for dementia. And once those three are aligned, you'll go through the more formal processes of the IT approval, et cetera, which is why we're doing all the regulatory work to make sure that all of that is out of the way. So that will basically be boxes to check that are already checked in terms of our regulatory compliance, which is one of the reasons that we and Quiddity Health, our partner, who, by the way, are on an upside-based contract, which means that they get a share of revenue from the contracts that we close, so they're incentivized to close contracts. That is one of the reasons we believe it's both feasible and realistic to start selling already this year after our launch in Q3, because all of these things are already in place, all the boxes are already checked for our product in the U.K. So right time and right product, right partner. And that brings us to one of the, usually for investors, more exciting slides here. After that, we'll spend a little bit of time on what is the, some of the product pipeline that we're looking at that is also behind this? What is it, what is it that we will also be putting on the market in the future in terms of products? But first, what we're looking into is the next couple of years will all be about penetrating the U.K. market and scaling. This market in itself has major potential for us, as you can see, because the U.K. is represented by the dark blue lower part of each of these bars. So that, that market in itself has, has major potential for us. This graph is, for now, excluding U.S. entry, although the U.S. is a very interesting market for us, and we will eventually enter it, but when we enter it will depend on the funding situation over the next couple of years. As we all well know, the funding has been very tight, so we have chosen to focus very, very, very sharply on the market where we had the highest maturity and the highest ROI and the highest, the shortest time to return on investment, which is United Kingdom. But when we look at the possibilities, we're looking into on a 4.5-year horizon, into a multimillion DKK business and even multimillion EUR business, that can be driven and helped by the U.K. market primarily. If you look at what that means in terms of... And maybe actually, Hanne, this is where I will ask you to step in. But if you look at what our current market cap is, the company, and what the market cap is, if you base it on the rights issue price that we're doing right now, then you'll see that there's quite a significant upside potential if we, if we succeed with our planned projections. So maybe you'll comment a bit on that, Hanne. Better to comment unmuted. So, you've said it, Kim. So essentially, what we have learned is that, investors in health tech, in Europe, and most likely also in the U.S., they actually normally evaluate companies based on a price to sales of around 4-5. So if our projections are correct, and it's also important to say that these have been validated by Quiddity, so essentially with their knowledge of the market and, the route towards upscaling of sales. And if we reach the EUR 20 million in 2022, it actually will correspond to a market cap of between EUR 80 million and EUR 100 million for Brain+, and, the current valuation pre-money for Brain+ is around 8. So it will be a 10-12 potential valuation for that particular period of time. So what we would consider to be highly attractive. Kim, over to you. There we go. Thanks. And we could also say for those who are studying the markets more, that the price to sales ratios, they also, as we get out of a bear market and into a bull market, can also change for the more favorable. But this is a realistic scenario in terms of the price earnings or price to sales ratios that we have tried to illustrate here, and illustrate the potential upside. And of course, this is not all, in terms of what Brain+ has of potential. So let me dive into and share a little bit with you about, like, what are some of the upcoming things that we are working on in Brain+ and that have been in our product pipeline for a while. We've been talking about them for a while, but we are constantly focused on getting the CST Assistant out there because that is the first revenue generator, and that's building our base. Some of the other things that we are working on, however, is virtual CST, and virtual CST is simply the ability to deliver a CST session online. However, or because today, people actually have to come into the clinic to do the therapy, which some people are not capable of. It's expensive in terms of transport, and there is stigma - there is stigma around dementia to the point where some people initially are unwilling even to show themselves in such a setting. However, if they do so online, they can do so initially, anonymously, camera off, and once they feel safe, which is a lot about what CST also does for people, is that it creates a psychologically safe environment where they can be themselves and thrive, and this is actually what really stimulates a lot of the people. This can also be achieved with virtual CST. So that is one of the future use cases that we are working on. Then we have the CST home care product, which is basically allowing people to do CST activities with a family member at home. So where before they had to come into the clinic and a therapist had to be present, this can now be done with a family member without a therapist present. Obviously, that results in major cost savings in terms of delivering CST, and generally is considered a, in terms of all the pilots, pilot work that has been going on, is something that the family members like, it's something that creates fun, it creates connection between the family member and the person with dementia, or reignites and can reignite that. Also, this is a way to extend the availability of cognitive stimulation therapy, because let's remember that dementia is both, on the one hand, incurable, and in that sense, it's a chronic disease. Once diagnosed, you will live with it for the rest of your life, and that is why we're also talking about dementia management. What is it that we can do to manage the disease in the best way possible? And CST, cognitive stimulation therapy, is one of those things. So being able to get access and have that continuously in your life is made possible by our CST home care product. This would typically be that a person has been in the 7-week basic program delivered by the NHS or the clinic, and then they will be offered to do the CST home care and continue with that with a family member. There will be oversight virtually by a therapist, but it will be very light touch, only the very necessary, which means that a healthcare system like NHS can make CST available at a much larger scale than is possible today, and that's even possible with the classic in-clinic version of this. We'll also be having an intermediate, you can say, product coming out, the CST Assistant version 3, we called it. It could also have been called the CST Home Care, CST Assistant Hybrid, but for simplicity, we call it the CST Assistant, and this one will enable people who are in the seven-week basic program to do every other session at home. And that means that we are again removing around 40%-50% of the costs and the so-called footprint in the clinic, saving the healthcare system a lot of cost. And that is, that and virtual CST are some of the things that we are working, working on now, and the home care product is also something that is more on, on the very early conceptual phases, but a lot of work and partnering has been done already, including with Aimee Spector on the CST home care, and piloting has been done already, and, it is looking very promising when we have the chance to actually put that product on the market as well. This just shows the pipeline from a more classical standpoint, so I'm not gonna go into too much detail with that today. This slide just shows you what are some of the major milestones over the next couple of years. And here you can see the CST version 3. release, which is most likely going to be the hybrid, this hybrid one, where every second session is being done in the home in terms of the basic, program, and a proof of concept, work on the home care product. And then the final product, which was not on the previous slide, is our product for Mild Cognitive Impairment. Mild Cognitive Impairment is the stage before you get the dementia diagnosis, and this is a very large unmet clinical need as well. It's also a diagnosis, and it's an estimate that about 3-4 times as many people have Mild Cognitive Impairment as people with dementia, and there are around 55 people with dementia in the world today. So you can, you can do the math. A very big unmet clinical need. Here, the product will be a combination of cognitive stimulation therapy, but also a very specialized cognitive training. And we actually and this is something that has been developed with experts within this particular therapy, cognitive training, therapeutic, you can say, modality. And we have been running a project, a grant-funded project, on this technology for a number of years with these people, and we expect to come out with some news in the coming weeks about enrolling the first patient to actually prove the technology using our, you can say, proprietary version of the technology. So we expect to have the first patient in on that clinical study in the next couple of weeks here. Maybe we can add, why is this so important? Mm-hmm. And that is because there are several studies that show that the earlier we actually set in with cognitive training for people at a risk of developing dementia, so people with Mild Cognitive Impairment, the more effect. So essentially, the earlier we set in with training tools like Cognitive Stimulation Therapy, the more effect on offsetting or postponing the additional cognitive decline. So therefore, having tests that actually can identify the Mild Cognitive Impairment patients or people with that, the earlier, the better, and the more potential in the treatment effect. Absolutely. And this slide just kind of summarizes what are some of the, the major things we'll be doing the next couple of years, building value, going through, entering the growth phase now in the U.K. market, and, and then really starting to scale as we move towards the end and beyond 2025. Working towards cash flow break-even, that is projected to happen in 2026, and at some point, we will also be entering in some of the major markets, like the U.K. We'll be growing the German market, as you also saw from the, from the revenue slide. But the next couple of years, we're concentrating on the U.K. The Danish market is our testing market, so we'll still be active there, both in testing and, and commercially as well. Not gonna spend any time on the team today, but leave the floor to you, Hanne, to explain about the unit rights issue. Thank you, Kim. Yes, as Kim said in the beginning, this is the first day in the subscription period for our unit rights issue. And as we have explained earlier, the unit rights issue has been structured in a way where we have a subscription now for shares and also for warrants. So we will get proceeds in now, and then there will be a TO4 warrant, which will also provide capital to the company from September and onwards. And if there's a full subscription in this unit rights issue, and at the highest price of the warrants, we will actually be able to fund the company into first quarter of 2026. With other and additional options in terms of U.K. grants potential, as we've said before, also tapping into the private equity market, there is a likelihood, if we have a successful subscription, that we can fund the company all the way to end 2026, where we expect to start to see cash flow break even for the entire company. So that is the setting around the whole structure of this unit rights issue. So the actual terms is that all holders of Brain+ shares on the sixth of June have been allocated 1 unit right per share held. It takes actually 9 unit rights to subscribe for 1 unit. And a unit is a bundle of new Brain+ shares and TO4 warrants. For each unit which is subscribed, an investor is subscribing for 11 new Brain+ shares at a price of EUR 0.10, and the TO4 warrants are subscribed free of charge. So essentially, if there's a full subscription, there will be an additional 111.7 million Brain+ shares. It will provide the company with capital here in July, so after the unit, the subscription rights or the subscription period have ended, with the EUR 8.9 million in proceeds before transaction costs. And then there will be a full also issue of warrants, so 91.4 million warrants of the series TO4. And if they are also exercised and at the highest price, it will provide an additional EUR 9.1 million in proceeds. So this, also after the payment of costs, will provide expectedly with the help of a sub-... of other sources, the cash needed to take us all the way to close the gap before we expect to see our business break even. So a small, how can we say, calculation example, because it's not, the structure is not the easiest to understand, and we realize that. But what we have also been trying here is essentially to optimize what we can raise within the limits set by some European restrictions if we are not offering a full prospectus, if we are doing this based on an investment brochure. And we do this also, again, to save costs and provide as much capital into actually building our business than as possible. So using the limits to the best possible, the structure is as we have described. So for a shareholder who has 10,000 existing Brain+ shares, he has received or she has received 10,000 unit rights. And as it takes 9 unit rights to subscribe for 1 unit, for these 10,000 unit rights, they can be subscribed for 1,111 units, and then 1 unit will fall away with no compensation. And for each of these units, the price, the subscription price is EUR 88, and that corresponds to EUR 8 per share, as there are 11 shares in a unit. So for 1,111 units, an investor pays EUR 977.68. and thereafter, the receipt will then be 12,221 new Brain+ shares at a subscription price of EUR 0.8, and they will be received 9,999 TO4 warrants for free. And these warrants will thereafter be tradable in the market, and they will be exercisable in the last two weeks in September. And maybe I can add that while this may seem a bit complicated, if you're interested in participating in the round, whether or not you have your unit rights issues or unit rights or not, initially, if you're an existing shareholder, you will have unit rights initially allocated. If you're not, you can also subscribe, of course, to the unit without the support of unit rights, which means that you're not guaranteed to get an allocation, but if there is leftover, leftover shares, you can get your allocation. And, and I personally did that myself for today on Nordnet. And when you go under corporate actions and you look under Brain+, you'll see the possibility to subscribe both with and without the support of unit rights. There you simply enter in the number of units, and you'll see the amount you're investing for, and then you can do the simple calculation. Well, how many shares would you like? And it would just be EUR 8 per share. So it's fairly easy once you actually go in to do the trade, I would say. I have personally just committed DKK 592,000, which was my commitment into this round, also representing my very strong belief in the future of this company. I would say it was simple to do on Nordnet and basically it doesn't have to be so complicated when you actually look at the numbers on the actual platform. No, I think essentially is to understand that, for each unit subscribed, you are subscribing for 9 shares. So, that is essentially it, and, and each share has a subscription price of EUR 8. Exactly. Then you are allocated also warrants in addition, which you don't pay for. So I think this is the way to look at it, and if there's any questions or uncertainties, again, as we've said before, please reach out, call us or write us, and we would love to explain or help you calculate if need be. Then as we discussed the scenarios here, and also as we have communicated, the unit rights issue is already 60% secured, and it is secured via pre-subscription commitments from the board and management and some of the company's largest shareholders. And then by bottom-up and top-down guarantees, also from larger shareholders and from board and management. So total commitments of 60% corresponds to gross proceeds of EUR 5.4 million. And again, we hope and expect further coverage from additional guarantor commitments and then, of course, under the ongoing public subscription, which started today and will continue until the twenty-fourth of June. However, the last day of subscription in Nordnet will be the twenty-third, and also, as Kim alluded to, in Avanza, there will be a corporate action, and the answer whether to use the subscription rights or not should be given no later than Monday the seventeenth, I believe. Otherwise, Nordnet will try to sell the warrants. So it is important if there's an interest to subscribe and use this offer to invest into the company as what we actually believe to be a relatively attractive valuation. A decision needs to be taken and communicated to Nordnet before the end of the seventeenth. So the scenarios here we've shown is what will the proceeds from the secured 60% coverage, where would that take us? And it will take us into January 2025, and past the milestones that Kim has also shown in the presentation. So the release of the CST Assistant version 2, first in Denmark, and then as a medical device in the U.K. It will be the U.K. market entry and the expected first NHS sales contracts. If we succeed in getting more than the guaranteed amount, let's say an 80% subscription and then an 80% warrant exercise at the lowest limit of the warrant, we will have proceeds into May 2025. So obviously reaching what we would reach in the above or the first scenario, and then also reach U.K. scaling, expectedly to see 2-3 additional NHS Trust contracts and the start of proof of business to show that there is a real demand and a real need, and interest in our products. A full 100% subscription and a full warrant exercise at the lowest price will take us to August, and into expected recurrent U.K. sales, and also to the expected release of the CST Assistant version 3, which, as Kim explained, is the sort of the hybrid version, so the one delivering virtual CST to provide even more cost efficiency, and provide further scaling for the NHS in delivering the CST to people with dementia. Then the most positive scenario is the full 100% subscription and the full warrant exercise at the highest price, which as said will take the company into Q1 2026. We are still working in parallel to get interest from strategic investors in the private market. Whereas we've earlier said, the valuation for companies of Brain+ type is somewhat higher than what we see in the public market now. Also looking for U.K.-based grants to support our U.K. strategy and U.K.-focused business. So with that, there is a real possibility to fund the company via a successful rights issue all the way through corporate breakeven. Perfect. Thank you for the, for the presentation, Kim and, and Hanne. We are running a bit low on time here, so we only have time for a, for a few questions, but, I will just, read out the first question here. The first question is, Brain+ raised funds last year through some warrants, and now you're raising money again. Why is this, and what is the plan for using these funds? Shall I take that one, Kim, or...? Yes, please. I'll add. Yes. Yes. So we have been using the structure of unit rights issues and unit rights offerings because it is a means of actually pushing some of the additional capital increases further out in time, where it is the hope and the expectation that the share price have gone up as we have reached more milestones and developed the business. What we unfortunately have seen is that the capital markets have not developed as we had hoped and expected, and that has also hit Brain+, on our share price. And that means that what we have set out and expected to be able to raise in the capital, in the capital increase we did last year, including the warrants, we have not been able to raise to the extent hoped. Even if the business has actually developed as we have planned and set forth, we have not received the capital we expected. That means we have to now go out to the market, again and raise the additional amount of capital we need. Yeah, if I can put some other words, I would say the fundamental potential of Brain+ has not changed. In fact, that we have reached a number of milestones that have de-risked the company much further since last year's unit rights issue, including proof of demand in Denmark, including being ready with a version 2 of the product, including getting KOL endorsements in the U.K., including partnering with Quiddity, and many more details. So we're much further. We have been progressing according to our plan, and nevertheless, the markets have been the way they have, which is again, back to Hanne's point from earlier, that there is a great value potential if you look at the current market cap in this rights issue and later on. Of course, if we get less money in than we need to, to follow our plan, then we need to adapt. What we have done is we have cut costs both last year and also this year to extend our runway. We have also become much more focused and razor-focused on the U.K. These are some of the things, but of course, while we are very happy that we've still been able to progress to the major milestones, we still need to go out and get money for the next bit of the journey because we simply didn't get enough in the previous raises. Mm-hmm. And I think just to add to Kim's, and that is important for investors to understand, we are extremely diligent of how we s pend our money, and we are really using money only on what we can see delivers the most value for our investors. And we will continue to do so until we have a proof of business and a recurrent and operational business which breaks even. Yeah. Thank you for that, both Kim and Hanne. We are running a bit late on time, so we don't have time for any more questions here, but I'm sure that both Kim and Hanne, if investors have some questions, they can always reach out to you, and you will answer the questions via email or other channels to get questions through. But before we then end the webcast for today, I will just hand over the word for you if you have any final remarks to end with. No, I think now is a very auspicious time for anybody who's interested in what Brain+ does. It's a, I think, a unique time to invest right before we are basically entering and scaling in the largest, most attractive market for our CST Assistant product. We have been so far consistently reaching our milestones, and we expect to continue to do so. Again, hence, what we consider a good time to join the good cause. Thank you very much for your time. Maybe I can add to that, that actually at the IPO, the company set forth that the first product would hit the market in 2025, and we are there now. We are there with that product and ready to go and show the commercial potential in the market. So, yes, hopefully you will join us on the next steps in our route and path. Thank you.