Good afternoon, and welcome to this investor update and Q&A with Brain+. With us today, we have the CEO, CFO, and the chairman of the board. 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, everyone, and thank you for taking the time to listen in. I'm here today with Hanne, our CFO, and Tim Jürgens, our new chairman, so welcome, everyone. And today, we will be covering quite some ground. We will be giving an update on the go-to-market in the UK. Initially, we will, for all of those who are first-timers to Brain+, also give a fly-in on the company, what we're doing, and what we are focusing on. And after the go-to-market strategy, we will have Hanne talk about the upcoming rights issue and the financial outlook. And finally, we will have Tim talk about his view on Brain+ from his chairman position, but also as his position as a professional health tech investor. And finally, we'll be opening up for questions. So jumping straight in, Brain+ is a company that focuses on creating better dementia management and creating certified health tech solutions to treat the cognitive decline in dementia. And we have a mission to be the preferred provider of non-drug dementia therapies and servicing millions of people affected by dementia by 2030. So the burden of dementia is tremendous, and most people, unfortunately, know somebody who is affected by it, either in their near family or in their near circle of friends. And it is, unfortunately, today, there is a widespread thinking that there is no really good treatment options out there, and it is true that there's a big scarcity of treatment options, but there are proven treatment methods available, and one of those proven treatment methods is called Cognitive Stimulation Therapy. This is the world's leading dementia therapy today. It has, for 20 years, been researched and developed, starting at UCL, in University College London in the UK, and has since then been studied in over several hundred clinical studies, showing consistent clinical benefits for people with mild to moderate dementia, which includes improving their cognitive skills, and this is the main symptoms that people suffer from when they have dementia, so reduction in memory, reduction in ability to focus, and basically inability to take care of yourself, which is actually a main criteria for having the dementia diagnosis. So for this reason, Cognitive Stimulation Therapy has also been recommended for global implementation by leading policymakers, including the World Alzheimer’s Association. So this therapy is really becoming a global standard, and it is currently the gold standard today. Yet, there are still many, many people who are not getting it offered. But before we talk about how Brain+ is bringing this therapy to people, let's just take a quick look back and say that Brain+ builds on a long history of working intensely and deeply with cognitive training. We have worked for many years, particularly in grant-funded projects, where we have managed to work with some of the best partners in the world. We have over 10 different universities that we're working with, and with these partners who are experts in dementia, cognition, and other areas, we have created a portfolio of technologies, three technologies in particular, and a number of products, of which the first product is the CST Assistant that we launched into the Danish market late November in 2022. And this is based on a clear decision that we took about the time when we IPOed to focus exclusively on dementia and basically pivot all of our attention into this field, where we saw a great unmet need and a great fit to what we were capable of. So these technologies are still part of our portfolio, and they are laid out in our roadmap in the dementia area in the upcoming products that we have along the way. So our specialty is in using software technologies to deliver therapy, and this is exactly what we're doing with cognitive stimulation therapy. Cognitive stimulation therapy, just so you understand how it works, is that it is a social therapy where people get together in a group, and then they follow some structured guidelines and principles, guided by a therapist, which really stimulates their brain deeply. And this they do for 7 weeks, 2 times a week, 14 sessions. Now, there are a number of barriers currently for the widespread adoption of CST. One of them is the lack of awareness. Another one is the lack of standardization. Today, people are doing CST in many, many different ways because they only get a 1-day education in this therapy. So one of the things that's missing to take it to the next level is standardization. Another thing is that it's time-consuming. For a therapist to prepare for a session, they can use anywhere from 1-2 hours to do so. And a big problem for the health systems is that there's a big constraint on healthcare staffs. So this is one of the reasons that CST, even though it's been around for 20 years, is not more widespread today than, than it actually is. And, I'll come back to that level of why that is later. But what CST really does is that it combines a number of different therapeutic modalities, including social activity, movement, cognitive training, what is called reminiscence therapy, and music therapy into one combined structured therapy. And this is why it has shown to outperform other types of therapies that have been tried in dementia, and is therefore the superior therapy that is out there today. So what Brain+ has done is we have created a digitalized, tech-enabled solution, a software solution that helps therapists prepare and deliver CST sessions. And this is something that is automating the process, it's standardizing the process. This product also has the world's largest library of CST activities that have been co-developed with the leading experts in the world today and have been curated by them, which means that we can guarantee high quality content, because the way you speak to a person with dementia is very important for how they experience and how they react to the therapy itself. We have shown, and actually recently came out with news about this, that in a usability study, there is a 50% time saving in preparation time for the new therapist when using the CST Therapist Companion. For people who are newly trained therapists right out of the CST education, which is taking place at formal institutions in designated institutions in the different countries, there is an additional upfront time saving to even get started. That's a big hurdle to even get started with therapy. With the CST Assistant, they can get started right away with zero obstacles hindering them from getting started. So this is really a great value add to the healthcare systems and something that has been very well received in Denmark by the key opinion leaders in the usability study that we have done in Denmark, and that we're now running in the UK, where we already shared some early results from that in a news release we did a few weeks ago. If we look at the growth of CST overall, then currently today, there are about 15,000 CST therapists worldwide. That number is thankfully growing, and it's growing quite rapidly. The biggest number of therapists are in the UK. There are 6,000 trained CST therapists in the U.K., which is therefore the largest market for our product and one of the main reasons that we're focusing on launching in the U.K. But one of the problems we mentioned before with the barriers is this lack of resources that are available, and with our current product, the CST Assistant, we're already making it more efficient to deliver CST and more scalable to deliver CST. With some of the upcoming products we have in the pipeline, including our home care product, which allows this therapy to be delivered at home, and online delivery of this therapy, which means that patients don't have to come into a clinic to get the therapy, we will enable a much larger scale and number of patients that can be given this therapy for each therapist that the healthcare system have available to them. So this is really solving some major pain points for the healthcare system. So that's the flyby and the intro to Brain+ and what we're doing. And now we're coming to the go-to-market and the steps that we're taking on this path, where by far the major goal of this year is to launch into the UK. So as I mentioned, we already launched in Denmark. We have good traction in Denmark, with several sales contracts doing around 11 implementations in different municipalities. So there is good traction already shown in the home market, but the home market is mostly for testing, is for early proof of demand, which we have shown, and it is also for collecting a lot of data. What we know from a market like Denmark is that in Denmark, there are no centralized reimbursement pathways, but in the U.K. there are. Besides the U.K. being a much larger market, where you can have much larger contracts with the individual customers, which in our case, initially are the so-called NHS Trusts. These are regions that are responsible for providing medical care and also social care, including to people who are diagnosed with dementia. This is the main target. Let me just walk you quickly through the milestones and where we are in terms of progressing towards those. The first step was to get local U.K. data, and that is the usability study that is ongoing, where we thankfully have already, we're collecting data after each CST session being delivered, and we have good preliminary data. So that is not, to our surprise, promising because we already had promising usability data from Denmark. Then we will also be doing the release of the new product version, the CST Therapist Companion, or sorry, the CST Assistant Version 2. We have, we have renamed it to the CST Assistant, because of the entry into the UK market, and so this is the product name we are using going forward. We are planning to release that product in Denmark in not better than anything else. It is also a live market test of this product before it's released into the UK market, and this is a great way to ensure stability, to fix final tweaks that we need to do that are beyond what you find in usability studies. There's expert when you go live in the market. So this is really also facilitating our entry into the UK, besides helping our Danish customers. Then the Danish release, we have found out that we can do as a non-medical device because the Danish market is under the so-called European MDR regulations, but the UK are under the old MDD regulations. So we'll be doing our classification of medical device for the UK version of the product, thus saving ourselves time and money on the Danish version of the product. And so we have a couple of milestones in the second quarter, which are the most important milestones you can say. One is the Class I medical device certification of the UK product, and the second is the actual release and market introduction of that product. We are on target and on plan with those two major milestones. The Danish release of the product will basically help us test and qualify and ensure that the actual product is ready. Then the main, you can say, second main milestone this year is the first sale to the first NHS Trust. I'll spend a little bit more time on kind of the stepwise pathway on another slide. But basically, after this year, we'll be... During this year, we'll already be building the pipeline towards larger contracts later on, and that means that we'll be looking into and going for to UK market break-even in 2025, so next year, where we can start seeing several trusts coming online as customers. And in the meantime, we'll be working for large-scale reimbursement and on at the regional level in the UK. So this is at the level of the so-called Integrated Care Systems, which has several NHS trusts underneath them, and here you get into the range of much larger contracts in the range of up to EUR 600,000 or GBP 500,000. So basically, in terms of go-to-market, we are on track. We're doing this with Quiddity Health, and we've actually come quite far in the initial work with them in the UK. Initial outreach to NHS trusts have already started to make sure that we're really having the right go-to-market tactics down to the detail. The overall go-to-market pathway is actually one that has been done before. We're not the first ones to do it. In fact, the U.K. is one of the most mature markets for adoption of digital health technologies. It has been seen in other areas, such as mental health and, diabetes care, that are digitally and tech-enabled. We're basically mimicking some of the same pathway that we've seen from some of these successful companies, and we're doing it with the same partner, which is Quiddity Health, that has helped some of these, successful digital health companies enter the NHS. Quiddity Health is initially helping us with the go-to-market strategy, but they will actually become our sales force, our hands and feet on the ground, actually directly doing outreaches to the right people in these NHS trusts and using their big network over there to do so. We already have a very close and clear grasp of the full NHS healthcare system and pathway to the market. I think one of the things that is important to stress for us in terms of our competitive position and the way we develop our products is that we have been working on this with the leading key opinion leaders and experts for several, or actually, since the very beginning of our dementia journey, we have been working with them, and now are in favor of the U.K. KOLs as well, and we are endorsed by these KOLs. This is a key driver, actually, of adoption in the NHS. It makes it much easier to get recognition when we have these key opinion leaders, KOLs, on board endorsing our product and having helped develop that product. So basically, we have all the right, you can say we're ticking the right boxes. We have the right partners to have the successful entry. We know the go-to-market pathway that we're gonna follow, and now we're only hammering out the finer details of so. This is just one example of the stepwise approach we're taking. First, initially, selling to the NHS trusts. First sale this year, this will be an entry-level sale, so that will be a small sales volume. Then we will start as soon as you unlock the first sale in the NHS, that immediately gains you recognition. That opens up for multiple sales. So the next step will simply be expanding to more NHS trusts. The third step is also where it becomes really interesting in terms of our midterm revenue generation and profitability, and this will be once we start getting reimbursed at the level of the integrated care systems. And these integrated care systems, they have full budget responsibility for a whole subpopulation of that region, which means that they're really, really interested in saving costs for that entire population. And this is where our products can really come in and make a big, big difference, and therefore have a very high return on investment at the level of the integrated care systems. And so when we reach this, this type of level, is when we start getting reimbursed on a regional level. This is where the U.K. stands out from a country, for example, compared to a country like Denmark, that we can actually get reimbursement at this regional level, and eventually, you can even get it on a national level, on national frameworks. But already at the regional level, it's very attractive, and we're looking into potential contract sizes of these GBP 500,000 or EUR 600,000. All the main requirements for meeting the first step, we're meeting basically this year. This is also why the medical device classification of our U.K. product is so important, because once you're a medical device, you can make medical claims, which we will be doing. And once you have those claims, you can get higher levels of reimbursement. So this is basically a key step also in reimbursement, besides the general recognition and stamp of quality that the medical device is. Then just finalizing my part of the presentation with a bit of the what is, what is there in the future, because right now we're in this, this phase here where we will certify as a medical device, we'll enter the UK, we'll do the first UK sales. Then we have a number of milestones, larger milestones in the future, including future product versions of the, of the CST Assistant, getting this UK market to UK market break even in 2025. And as we get through these regional contracts that I was just talking about, we are looking into a target of cash flow break even in 2026. After that, and going further out into the time, we have our home care product coming on the market, which will greatly expand our reach in the market, greatly expand the market potential even further, and allow each therapist to service even more therapists, even more patients, because we're actually shifting a lot of the activity level to the home with the family. And eventually, we'll also be expanding to the United States, and coming out with our product for mild cognitive impairment. So just wrapping up here, these are some of the milestones going forward. We basically have a high-level milestone plan for the next three years, including new product releases, including getting to these regional reimbursement contracts, integrating into the CST educations, which we're doing in all the three countries, which is really solidifying our competitive position. Won't talk about that now, but there will be some news coming out about that, later this week, we expect. And basically doing our commercial scaling. So I encourage you to go back and have a look at these in detail for the detailed three-year plan. And then on the team side, the big news has been, of course, the election of Tim. So we'll save that for Tim's presentation of himself, and then I'll be handing over to Hanne for talking about the upcoming rights issue, that is basically helping us get to enter the UK. Thank you, Kim. Sorry. Good afternoon, everyone. Last week at the annual general meeting, the unit rights issue that we announced on the seventh of May was approved and fully adopted, and this means that we now can move forward as planned. As Kim said, the capital we are looking to raise is in order to support the execution of our UK market entry and to reach proof of business in this market, where we actually see that the readiness and the value and potential is in place in order to get to proof of business the fastest. The unit rights issue has the following terms. It is issued with preemptive rights to shareholders, which means that all existing holders of Brain+ shares in deposit on the sixth of June will automatically be allocated unit rights. Investors or shareholders will be allocated one unit right per existing share held, so a one-to-one. The unit rights will be traded on Nasdaq First North Copenhagen, and they will be sold from allocation time until, I believe, the twenty-third of June, so up to the end of the subscription period. Anyone can subscribe for units based on unit rights. An investor not being a shareholder can acquire the unit rights in the market, and by means of exercising the unit rights, then subscribe for shares. The subscription price per share is EUR 8, and the price per unit is EUR 88. The reason for that is that per unit that an investor subscribes for, it will give 11 new Brain+ shares, and it will give 9 TO4 warrants. So a unit is essentially a bundle of 11 new shares and nine TO4 warrants. So it is a structure which is the same as the structure behind the rights issue the company did last year, only that this time there's only one warrant in order to make the structure of the transaction simpler. So we are looking to raise up to DKK 8.9 million in proceeds here in June from the rights issue. And when the TO4 warrants will be exercisable in September, we're looking to raise up to DKK 9.1 million in proceeds. And- Got... Sorry. No, it's just to say that the warrants will be exercisable the last weeks in September, and it will be, as for the other warrants that we have had on the market, it will be at a 30% discount to the prevailing market price of the Brain+ shares. So next slide. So, an example here, because it is not exactly a very straightforward and easy ratio, we realize that. But for any shareholder, each share held in deposit, a unit right will be allocated, as said.... for 9 unit rights, so for each 9 shares currently held, the holder can subscribe for one unit at a price of the 88 EUR. And each unit will then contain 11 new Brain+ shares at a subscription price per share of 8 EUR. The 11 times 8 EUR will be the unit subscription price of the 88. And each unit then also contains the 9 TO4 warrants, which upon subscription, will be allocated for free. A calculation example to guide this, if a shareholder has 10,000 existing Brain+ shares in deposit, he or she will automatically receive 10,000 unit rights into their deposit. And with those 10,000 unit rights, it will be possible to subscribe for up to 1,111 units. Using 9,999 of the allocated units, and one unit right will then fall away with no compensation. And for these 1,111 units, it will be a total investment sum of 977.68 DKK. And after that subscription price has been paid, the investor, the shareholder, will then receive the corresponding 12,221 new Brain+ shares, and also the 9,999 TO4 warrants. Please reach out to us if you have any questions or if it is not clear exactly how the ratios pan out. In order for the scenarios and for you to understand the financial runway and the main milestone achievements we can expect to meet, depending on different funding scenarios, we've made this slide. So when we published the unit rights issue, and also currently, the transaction is 60% secured. So we have already received pre-subscription commitments from board and management and larger shareholders corresponding to DKK 2.7 million, and we have received bottom-up and top-down guarantees for a remaining DKK 2.7 million. So the total commitments are of DKK 5.4 million before transaction costs. And further coverage we expect and hope from the public subscription of units, which will run from the eleventh to the twenty-fourth of June, and also for additional guarantor commitments. And, in order to get more information on the top-up guarantor commitment options, please reach out to Kim or myself. So to the funding scenarios, the secured subscription of 60%, plus an estimated or assumed 60% warrant exercise. In order to put this into context, we can say that the average subscription or the average exercise of the three previous warrants have been 82%. But if we assume a 60% warrant exercise, we assume no further subscriptions than what has already been secured, we will have funding into January 2025. So funding to reach, as Kim has presented, the expected and planned release of the CST Assistant Version 2 in the UK and in Denmark. The UK market entry, so starting to reach out to NHS trusts via Quiddity Health, mainly, and to have the first NHS sales contract closed. If we then get additional subscription up to 80%, and we also get a warrant exercise close to the average of 80%, we will then have funding to May 2025. So plus the above scenario, we will then have reached, we hope, UK scaling in order to have closed an additional 2-3 NHS Trust contracts and have reached proof of business of scalability and recurring revenue in the UK. It's worthwhile noticing that you'll see that the... in these two scenarios, the exercise price of the TO4 warrant is at EUR 8, so the same as at the unit rights issue. So it's in that sense, the lower scenario, because it can be up to DKK 1 price. Yes, correct. The, the exercise price of the warrant will depend on the, the actual or prevailing share price of the existing share at the time of the warrant exercise, as earlier presented. But there's a limit, so between 8 and 10 EUR. So the 2 last scenarios will be full subscription of both the unit rights and the warrant exercise, and then either at 8 EUR, the lower limit, or at 10 EUR, the higher limit. And there you can see that we can actually get up to funding until February 2026. So until the expected sort of cash flow break-even of our UK business and to also have a proof of concept of the much larger and more potential, the valuable product, the CST HomeCare. Thank you. Great. And as Hanne said, by all means, don't hesitate to reach out with any questions further relating to the rights issue. And then I will leave the word over to say welcome to Tim, both welcome to the company and to our shareholder, welcome to the presenting to the shareholders here. And yeah, I'll leave the floor to you to tell us a little bit about what you see in Brain+, its potential, why you thought it was worthwhile to go in and take a chairman position in a company such as ours. Thank you, Kim. Thank you, Hanne, as well, and also for the information provided so far. Yeah, why Brain+? Why now? My personal motivation is to contribute to this huge burden of disease we see in the dementia and the Alzheimer's space. Personal background lies in 25 years within the healthcare industry, both in pharma as well as in med tech. The past 4 years, I'm very active in the early-stage digital health arena in Europe and partially in the U.S. as an investor. And, that triggered me when Kim pinged me at a point and said, "shall we resume our discussions?" As I'm following the company already for a few years due to my interest in this space. And, so I said yes, and I learned about the current plans and also the, let's say, strong advancement in both the product roadmap as well as in the commercialization direction. And with that, I said, "This is really a true opportunity to contribute, to reduce the burden of dementia pain to people with the disease as well as their families and to the health system," and this is the trigger point which Brain+ is addressing here. You could say, "Hmm, CST is a known therapy, and the trainings are being executed here right now. Why Brain+? Why this solution?" What I can say is all health systems are totally overburdened, and Brain+ is helping to release the burden for the systems, for the caretakers, and for the individuals by making six months of delay in onset of dementia accessible for more people in an easier way. This is a highly effective way of contributing to treatment, and Brain+'s perspective of becoming the dementia management platform of the future is based on the starting point, absolutely, absolutely, feasible and achievable. So that's why I decided to allocate time and to really contribute. And there's another reason. If you look at it, and I'm sure you look at it as shareholders in Brain+, the current market valuation is just shy of EUR 1.2 million. If you look into the private markets, a company like this in a similar stage would be valued at a completely different level. With that, as a company, we are also assessing to tap into these markets and identify potential investors willing to continue and fund the journey also out of those segments of the early-stage health tech investment market. I'm quite, quite confident, based on the initial discussions we had, that this is a feasible pathway. Yes, sometimes the public markets offer fantastic opportunities to get into true innovation at a discount, and that's the market phase we're currently in. Let's jointly work, and that's my commitment to Brain+ as well. Make my network available, and also that is on the health tech side, health tech company side, as well as in the investors' communities, to fully leverage the potential of the company. Fantastic. Thank you. Thank you, Tim. I think, Anders, that's our direct contribution, and then, we're ready for some questions. Perfect. Thank you to all three of you. Let's jump into the questions, and the first question here is: What is your go-to-market plan in the UK for 2025? Are you 100% reliant on NHS reimbursement per patient or position, or are there other private channels you can sell through? I think, right now you can say while our primary go-to-market is via the NHS, and it's that for a number of reasons, one, that it's a tried-and-true pathway to the market for a solution like ours. And our commercial partner, Quiddity Health, has done it successfully before, and by all means, in terms of where the dementia patients are mainly being taken care of, this is a great, the right place to be for us. So that said, the reimbursement that we talked about is happening at the regional level, at the level of Integrated Care Systems, and that's actually not necessary in the first instance, because each NHS trust can actually choose to have. They have their own budget responsibilities, so they can basically choose to finance this out of their own individual budgets. So in that sense, we don't need a reimbursement directly before starting to sell. But it will be a great game changer, you can say, once we have the reimbursement to be able to get the larger contracts. Besides that, there are many other interesting options and business models that are available in the UK, including with private pay and co-pay options. So these are also options that we are looking into. This can also include insurance, healthcare payers, for example. There are a lot of elderly insurance companies that are basically targeting only elderly and seniors, and are coming with specialized insurance offers for them, and some of those could include having the best possible care in case you would get dementia, and then CST would be the best possible care that you could be offered. So, and, and this is another, for example, another alternative model where you tap into, that is not depending on, on the NHS. So there are several options available, but of course, we're going with the one that where we believe that we will get the initial first traction. And also, importantly, the NHS is also what is being looked upon as the one that creates the standard of medical care. And, if you've heard any of our presentations before, you'll know that CST is already recommended in the UK health guidelines. So we don't have to go and convince people that CST is the right thing to do. The big problem out there is, what Tim was also mentioning, is the resource constraints in terms of basically having healthcare staff to deliver it, and this is what we're actually resolving, right? So, so in that sense, we believe that there's a very good fit to where the UK is right now, what we're delivering, what our product is solving. And dementia has just become a high priority in the NHS. It is really put up there among the highest priorities because the NHS knows that this is already now one of the most expensive burdens in terms of costs, and that it is just dramatically increasing in the cost of dementia care in the UK. If just disregarding the rest of the world where that is also the case, the UK is acutely aware of this, and the NHS is as well. So in that sense, it's the right timing as well. Then we have the next question here: I know you are still a development company, but are you allocating enough resources towards go-to-market strategy and sales execution? I would say that we are. Because we are in a situation, and have been for many years, where budgets have been limited and still are, we're extremely cost-conscious in everything that we do, really trying to make the most of every euro that we're getting into the company. And so it's a very fine balance between how we allocate things, but you can think of it like this, that everything we're doing is going for increasing the probability that we will succeed with the commercial sales in the UK. That's literally everything is balanced toward that goal, in terms of how we're doing things and how we're allocating things. And so right now, Quiddity Health is that partner, and the good thing about working with them is that they, there, we can very quickly scale the capacity as needed. We don't have to go and build a sales force, and that can take a long time in a new country. With Quiddity, we can basically turn the, turn the scale, and all of a sudden, we have a full sales team up and running fully. However, we're only gonna get to that point, and we only want to activate that full sales force about six weeks before launch, because this is, again, based on, on experience, where that, that will really pay off when, when six- about six weeks be- before we have the product ready. That doesn't mean that we don't... We're already working with Quiddity on the, on the strategy, on market access, on initial outreaches with trusts, but when we really turn on the engine, that is really timed to the, to the launch. This is also in order to make sure that we use the money wisely. Maybe adding to that, it's also important, I think, for an innovative company in a relatively new and upcoming market, that part of the development, part of the go-to-market strategy is also commercial. Because building the relations to the users, building the relations to the KOLs and the people understanding how to use our product, and building our inroad into the market together with them is also partly commercial, even if it is done by part of the development team and the access team. Then there's another question around the cost base in the company as well. Is it necessary for a company of your size to have DKK 11 million in staff expenses? Is there any possibility of lowering your cost base so that the money you raise can last longer? So we can put it this way, let's put it into perspective. One thing is that we're a medical device company. We're working with medical products in a health system, and from that perspective, we are a fairly lean team in terms of what we're trying to accomplish. And we have been cutting costs, not only this year, but also last year, and Hanne can speak more of that if you want more, like, details. What you can say is that what we have cut, really cut to the bone in terms of moving everything away that was superfluous or not necessary, in order to reach our main commercial target of launching and selling in the UK. And anything we would do to reduce costs even further, we believe would really jeopardize us reaching that milestone in time. So if we wanna hold our commercial plan, then this is the team we need to do it with. Of course, you can always cut a team more significantly, but it would slow us down dramatically if we started doing so, because we are working on many fronts in order to enable the UK launch. We have UK regulatory compliance on things such as cybersecurity and NHS regulations. We have a medical device certification that we're working on. We have a version two UK product that we're working on, and we have a go-to-market not only strategy, but laying the entire groundwork and foundation that we're working on. So there are a number of things that needs to be ready when we're launching in the UK. So I would say that the answer is, at this point, we cannot cut more if we wanna hit those milestones in time. Maybe adding to that, I think it is not unusual for a software company working with an innovative product to have a large ratio of the total cost being made up of personnel costs. Because it is brainpower going into the development of our products, mainly. And saying that, we had DKK 11 million, which is the reference in the question, in our last annual report, and we expect to be able to cut this to just below DKK 10 million this year. And it is really, as Kim says, optimizing the resources we have, doing a very focused sort of commitment to the UK. And like always, when you are sort of a little scrutinizing or very scrutinizing of your, your costs, there are always the development things that we would really like to do, which we have had to put aside for, for some time in order to be extremely diligent on how we spend our costs. A lot of interesting, exciting things waiting in the pipeline, which would also require brain capacity, but which we actually currently, with the ongoing optimization, will put aside a little to be very diligent on how we spend our capital. Probably one element to add from me. There is, of course, also constant review, and I think Kim and as well Hanne have both indicated that indirectly, but there's a constant review going on for the respective stages we are addressing, on what kind of slight adjustments and additions are required, and you'll see more of that as we move along. Yeah. Perfect. Then there is a question, I think, specifically for, for you, Tim. Maybe you've already addressed some of it, but the question is: What is the key areas where Tim, the new chairman, will be able to take Brain+ to the next step and use his experience? Yeah, thank you for the question. I would say there, there's probably three areas which are, you know, content-wise and contribution-wise of relevance. And that is, one, my network into the pharma and medtech world, both, when it comes to the larger companies, but also all players and supporters in the ecosystem, which I will make fully accessible for Brain+ and will actively facilitate that Brain+ can basically tap into these resources where those are most helpful for the stage we are looking at right now. The second element is then also the perspective of facilitating funding through my, let's say, main capacity, which is in the venture capital space, and my network in that arena of relevance for Brain+ sustainable funding moving forward. And a third element, and Kim and Hanne can probably talk a little bit more on it, is being a true coach and mentor to the team, and specifically also to the C-level in the team, because sometimes, you know, it's helpful to have a little bit of a different perspective coming in and a safe space to spar on those questions we need to successfully address in the market and for the people suffering from dementia. These are the three key elements I'll, I'll bring, and I'm highly committed to bring to the Brain+ team moving forward. Perfect. Thank you for that. In connection to that, there are a few questions around capital and funding. The first question is: Do you have an idea of how much capital you need before reaching breakeven? I will leave that one for the CFO. Yes. We have a relatively clear picture of that. And obviously, there will be many moving parts in the budget. But as we said, we actually do expect, with the very targeted strategy we have towards the UK and the commitments to make that market to a breakeven of the UK business by end 2025, that with the current focus on the UK and the current plan, that we will be able to breakeven cash-wise end 2026. And to get there, we expect that we will need around DKK 13-14 million. Perfect. Danish. Danish kroner, yes. Danish kroner. Then there is the last question here: Yes, sir. Have you considered other ways of raising capital? For example, raising a larger round with some bigger investors to give the market some breathing time and fewer, capital increases during a year. I think, again, you have already addressed some of it, but, you can, address it again if you have anything to add here. Yeah, absolutely. I think Tim was covering some of this area that we. And I think we've mentioned it a few times before, that while we're very happy with our public market investors, like the general public market investor segment, we're also looking for the long-term funds and VCs, these type of investors who are more looking at specific industry areas in depth and have a really long, long horizon, investment horizon, and that can also invest in, for example, in public companies like this one. And so we're in an ongoing dialogue and are basically targeting getting that type of investor into the company, as well as our general investor population. So the answer is yes, we are not only considering, we're doing something about it as well. Maybe I want to just adjust the answer to be absolutely sure it's clear. So the DKK 13 million-DKK 14 million is on top of what is already secured in this transaction, so on top of the DKK 5.3 million. Mm. Perfect. And that was actually all the questions. So that finalizes the Q&A for now. But before we end the webcast, I will just hand over the word for you, if you have any final remarks to end with. Well, I can give my final remark, and then I can maybe leave it to our new chairman to finish, since we have the honor of having him here today. I think what is becoming clearer and clearer, you know, the more we are actively engaged with UK stakeholders, is that the timing is really mature for the entry of a company like Brain+ and what we have to offer. In particular because dementia is getting such a high priority, the pathway for a digital or a tech-enabled solution like ours is quite well established in the UK by now, and we're really working with the right partners. So I think timing is really on our side for entering, in particularly the UK market. And, yeah, Tim, I'll leave you with the last words of the day. Thank you. Yeah, just echoing what you said, Kim. You're 100%, or I fully support your view on it. And also, if we look into markets beyond the UK, right, which are preparing for new tools to be used and utilized in order to be more cost-effective in basically tackling the dementia wave, there's a lot to do. There's a very committed team to do that in an effective way, and there's a product pipeline which is addressing the challenges stepwise, building on the respective competencies created and also established in the marketplace. So from my perspective as an investor into Brain+, it is probably right now the time to consider to follow or to even increase the commitment, as we are now at this point where all the strong R&D work is starting to pay off with a full focus on commercialization moving forward. And, yeah, super happy to be part of the journey. Super happy to help and support the team and grateful for you as investors to support the company moving forward. Thank you for that, and we will have, hopefully very soon, inspiring updates for you to share. Thanks, everyone. Thank you.