Good afternoon, and welcome to this Brain+ webcast. Brain+ will begin with a presentation followed by a Q&A session. During the Q&A, the management team will address pre-submitted questions. With that in mind, I will hand over the call to Brain+ to begin, so your line is now open. Thank you so much. Thank you, everyone, for being here today. I am pleased to be joined by Fiona Costello, who is our SVP of Partnerships at Brain+, and then really pleased to be joined by Anthony Hall, who is an advisor who's joined us at Brain+. I will give a bit of a background and a bio about who Anthony is, but I'm sure everyone who is following us has seen the news release where we told the world that he was joining us as an advisor. I am really delighted to be joined by Anthony today. I'll tell you a bit about his experience and why it makes it such an incredible appointment for us at Brain+. Anthony Hall is one of the most influential voices in the U.K. social care sector. He has a career spanning frontline primary care regulation and executive leadership. Anthony brings deep expertise and a systems-wide perspective on quality, governance, and care improvement. Anthony has spent nearly a decade at the Care Quality Commission, which is shortened to CQC, where he served as a Head of Inspection for London. He's widely recognized for authoring the landmark Smiling Matters report on oral health in care homes. This was a piece of work that was credited with saving lives and shifting national policy. In recognition of his impact on dementia and social care, Anthony was awarded an honorary fellowship by the University of Bradford. He's since held executive roles, including Director of Insights, Assurance, and Governance at HC One, where he led the largest digitalization program in U.K. social care, and currently serves as Managing Director at Park Homes U.K.. Anthony also advises governments and providers across the U.K. and Channel Islands and was recently named in Care Home Professional's PAL50 for his leadership in the sector. We're thrilled to have him with us today to share his insights and experience. What a bio. Thank you. Great to be here. Thank you. Amazing. As part of today's webinar, we thought that we would take you through some really exciting updates that have come out in the market most recently, which are highly related to the impact that we believe Isla, your CST assistant, could be making. We'll focus on the topic around CQC, and that's why we have Anthony here to really talk through some of the questions and some of the aspects for how Isla is really embedding into what can be substantial change to tracking outcomes in the care sector. We will talk briefly through some of the commercial updates. I know there are a number of questions which we can then go through at the end. Without further ado, I will hand it over to the wonderful Fiona to guide the discussion with Anthony. Yeah, please take it away, guys. Hi, everybody. It's lovely to be here and to welcome Anthony to this event. I thought that for the benefit of our audience, first and foremost, it might be helpful to explain a little bit about what we're talking about when we say CQC or Care Quality Commission and its importance in the health and care sector in England. Would you go on? Yeah. Okay. Happy to expand. The Care Quality Commission is a statutory body set by the U.K. Parliament, which means it has ultimate—it can only be abolished through an Act of Parliament, effectively. It provides the scrutiny across the whole of the health and social care sector in England. There is also an equivalent in Scotland called the Care Inspectorate and in Wales, the Care Inspectorate Wales, but they are obviously much smaller bodies. The Care Quality Commission effectively regulates over 40,000 providers, and they range from the very, very large NHS trusts that may serve populations of millions of people to the very, very small independent health clinics that you might find on Harley Street in London that see one or two very affluent patients a month, and everything in between. Obviously, social care is a big part of what they regulate. Social care in the U.K. has been regulated for quite a long time, actually, whereas hospitals and primary care and others have not. In the U.K., social care has been regulated for about 30 years. It is not a new concept, but the Care Quality Commission was brought in about 12 years ago as the most modern and the most recent iteration of the regulator. Briefly, the role of the regulator is to make sure that all providers adhere to something called the Health and Social Care Act, which is an Act of Parliament that was written in 2014, which basically tells these are the things that you must do to keep your services safe. If you do no t do them, the CQC will take action against you, and that can lead to stripping you of your registration with them, which means you can no longer practice. It can also lead to criminal prosecution and imprisonment in rare cases. I think that it is also a driving force for quality improvement. As well as ensuring that all the providers adhere to the regulations, CQC will also provide a rating, which goes from inadequate to requires improvement to good to outstanding. All services are expected to aspire to at least good. The aim of that is to drive the quality improvement. Thanks, Anthony. I think just to expand on this concept of ratings, would you be able to describe the importance of CQC to care homes and how it governs the decision-making of families and carers who are thinking about how to select a care home in England, please? Yeah, absolutely. I think so there's a couple of angles to this. If you're a person that's looking for care for yourself or a loved one, CQC is you look at their rating, and inevitably, you'd probably want to choose a good home or an outstanding home and probably less inclined to choose an inadequate or requires improvement home. That makes a big difference to people's choices and therefore to the commercial setup of any organization because all the care homes in England are predominantly private sector organizations, and you must build the home in order to make a profit. Occupancy is driven largely by the choices people make. It's also important for your inward investment. For example, if you're looking to expand your portfolio or refurbish your homes within your portfolio and you need financing, finances in the U.K. are less inclined to loan to providers with an inadequate or requires improvement rating. Additionally, there are problems attracting insurance for homes that are deemed by the regulator as unsafe with an inadequate rating. There's also just other things such as, as you know, in the U.K., we have a real problem in recruiting staff into this sector. Again, staff can choose effectively which providers they wish to work with. Again, they're more inclined to choose a provider that's got a good or outstanding rating than a less optimum rating such as requires improvement and inadequate. It's hugely important. We'll come on to kind of what this means for Brain+, but I think it's worth reflecting very quickly on the current approach to the assessment process and the extent to which it places emphasis on person-centered interventions and quality of life. Would you be able to just describe a little bit about the Single Assessment Framework and the sort of the shift that we've seen in how the inspection is carried out? Yeah. I mean, just five, six years ago, CQC would have inspected services against an inspection methodology, which was largely based around what is written down. It would be based upon the governance arrangements in a home or in a provider, how well they audit, how well they drive quality improvement, how well they adhere to various safety standards. Two years ago, CQC embarked on a journey to bring in a new assessment framework called the single assessment framework, which applies to all providers, no matter what kind of service they deliver, as a hospital or a swimming clinic, a dentist, a GP practice, or a care home. That is set up essentially against 32 currently what's called quality statements. Those quality statements are driven through the eyes of your resident or your customer or your patient. It's about the experience they have. The real shift in the inspection methodology is that now CQC inspectors use much more observation. They're seeking to see what actually happens to a resident in a care home. How do their moods change during interactions with staff? How do staff interact with them? How does their well-being and meaningful life happen during the day? Are they just left in a chair with no stimulation whatsoever? They'll also observe, for example, in dementia, whether residents are experiencing periods of stress or distress, which means that you're not managing their dementia well. They'll make judgments about how well the staff can manage people's dementia. Thanks, Anthony. With that in mind, we've described a little bit about who CQC are. We've described what they do. We've described why it matters to care homes. With that in mind, with both your former hat on as a CQC inspector and as the MD, what is the potential of Isla? Why did you get so excited about Isla? I got excited for a number of reasons. Because firstly, when I first saw the presentation, not only did I think, this is a great tool to have and will make a real difference to residents, but immediately, my immediate thought going back from my past experience at CQC is this is how you can really tick off a significant part of the assessment through CQC. Because if they're looking and observing about how you meaningfully interact with residents around their needs and their wishes, how you manage what can be very, very complex and challenging behaviors that are largely caused because you're not managing dementia well, you know all of that can really be addressed by the use of Isla. There is a real win-win here for providers. It can give them a framework to really address big pieces of elements of the CQC framework. No doubt, obviously, the clinical research and obviously what you see in environments that have used this therapy is that there's a massive difference for the resident. Now, that difference for the resident means all sorts for us because it means if a resident is calmer, if a resident is not distressed, it means that we can staff the home in a better way. It means that staff are not being drawn off and you potentially need fewer staff. It also means that you're actually creating a better environment, which is going to be more appealing to your customer base, if nothing else. You're not going to be able to attract residents into a care home if they feel that the other people are not being managed well. Hugely exciting. I think just finally on this, I think the U.K. care market is dominated by sort of six to eight very, very large providers who basically have the resources to be able to tackle these kind of things in a different way. Actually, the bulk of the U.K. market is very small providers from like 20 homes downwards who need this kind of toolkit because they have not got big research teams and be able to outsource things and buy big training programs. They need a structure that Isla can provide. I think that is a huge win for the smaller to medium providers, which, as I said, are the majority in the U.K. market. Thank you so much. You've taken my last question, but it would be really good if you could just describe some of the, with all of this CQC context in mind, what immediate opportunities do you think this presents for Brain+ moving into the second half of the year? As I kind of just alluded to, really, there is a real need in the sector to give staff a toolkit around how to work with people who are displaying early to medium signs of dementia and cognitive impairment. We do know in the U.K. that people are coming into care homes much later in life because they're living longer and they're coming into care homes later in life because the government has also kind of, before they get to a care home, created more of a home care package. People where they came in their seventies ten years ago are now coming in their eighties into care. Inevitably, when they reach that age, they will be suffering some sort of cognitive impairment, even if it's at very early stages. That's the real opportunity for this product to give the staff in those homes a toolkit. Because again, outside of the very big providers, you've got enormous resources. The smaller providers don't have huge training budgets. They can't afford to buy in big face-to-face training programs around positive behavior support and dementia. They rely on some basic e-learning, to be quite honest. That does not equip people to help and work with people who are displaying early signs of dementia and then later signs of dementia. We need to give them a different toolkit that's affordable, that gives them a structure and gives them a real way of working so that even with a fairly rudimentary level of training, they can make a real difference to those residents' lives and the way that that home works. Thanks, Anthony. I think everything you've said is incredibly personal, given the parliamentary debate on dementia that took place last week and the points it raised to exactly your point, which is the importance of early diagnosis in terms of being able to provide access to some of these interventions, but also the huge emphasis that was placed on training and how ill-equipped the vast majority of care staff are in being able to respond to the challenges of working with people with dementia and what that means for quality of care, what it means for quality of life, and to your point, what it means for their inspection and the positioning of that care home in their local communities. I think you've provided a really helpful summary, hopefully, for our audience of why we as a team are so focused on aligning our efforts to the Care Quality Commission and its outputs and bringing that back to the value for individuals with dementia and their families and carers. Thank you. Not a problem. Thank you. Amazing. Yeah, hopefully, for the benefit of our audience, as Fiona has said, we're really working to try to get traction with our product into the market that is not only deploying on a singular basis into care homes, but actually adhering to regulatory compliance and embedding at a speed where we can actually start to track outcomes that can really enhance residents and people that are living with dementia's lives. That was a really great overview, and we thank you for providing it, Anthony. In terms of the next part of the presentation, we thought we would do a very quick overview as to the commercial update. We have a few slides around kind of a snapshot as to where we're currently tracking. We'll go through this very briefly, and then we'll go back to answering some questions that I can see in the private chat, one of which I think also alludes to the commercial, so I will answer that one as well. In terms of our snapshot to try to help you understand where we're at, everyone's familiar with the fact that we've signed three really great group deals with care homes in the last couple of months. I think this just goes to show that we are really gaining the momentum that we needed. We referred to a lot at the beginning of this year and even towards the end of last year about building a pipeline, a pipeline of opportunities, a pipeline of sales opportunities. We've kind of shared some numbers around what that pipeline means. What we're showing now in the last couple of months is really converting that pipeline into meaningful contracts, which is what we've been telling to the market, of which we're all incredibly proud of these partnerships that have come on board with us because it not only opens us up to further customers that are coming down the line, but these are real logo customers, people that believe in the value of CST, believe in the value of improving the lives of their residents through a consolidated and evidence-based framework for more effective dementia care. These logos really enable us to prove to the rest of the market that we have got something that is going to substantially and incrementally improve the way that people are delivering dementia care into the care homes. Those three group contracts have been really instrumental for us. You'll notice that some of them have got one care home that they're trialing with, and others have got slightly more. This is a normal way of approaching sales and partnerships within the care sector. It's incredibly pertinent to deploy a solution and deploy a service, test it out, get the meaningful outcomes that are needed, and then deploy it further across multiple sites. That's exactly what we're doing with these partners. The beauty of what we do with CST means that we can feasibly trial for seven weeks. In those seven weeks, we can actually prove and get the outcomes that we are needing to. Quite often, people that are familiar with working in SaaS businesses or health tech businesses, you could trial a solution with very little means to the end. We talk about pilots and POCs in the NHS. It is quite difficult to know what that end point is and how you determine success. For us, we've got a beautifully neat model where our success is literally the end of that seven-week sessions. We can prove to the market or prove to the customer that we have not only improved the outcomes of the people that are living with dementia that have gone through that CST group, we've improved the lives of the carers. Their stress levels have gone down. They've got great satisfaction in delivering a really great, meaningful group of CST to residents. At the end of that seven weeks, we've got a very high likelihood to convert to more sites because they see the real value and benefit. It is what Anthony alluded to, which is around the real value in upskilling the care staff across these care homes, not only in delivering CST, but actually the methodology and the practicalities of being informed around the CST framework and how that can help every individual in the care sector working in care homes to deliver more effective dementia care, be able to speak to their residents with much more love, care, attention in a way that is very effective and evidence-based. Coming up over the next sort of few months, we are going to be converting at speed the rest of this pipeline that we have obviously nurtured. We will hope to keep up to date with bringing more good news about the sales that are coming out. In terms of where we're at with the current operations and partnerships, I think the thing that's really beautiful and quite nice to see is that we've managed to position ourselves with partners that are across the nation. For us, that means that we're anchoring ourselves into regions and geographies that enable us to expand within those specific areas, not only from a sort of land and expand perspective and being able to work with care homes in the same vicinities and capitalizing on care associations and local authorities that are within those areas. It means that we're not just populating into one area of the country, but actually having stakes across multiple different areas within the country, which is really great. Those are three regions that we've managed to cover. The total residents being served could be and currently is 1,300. I just want to give a quick anecdote as to some of the feedback that we've been receiving from one of our care homes that is currently delivering CST, which for me, I think, is just testament to the amazing work that we're doing with Isla. They've been delivering their CST group, and the feedback from the facilitators who have been actively doing and delivering the CST group was at the end of one of the sessions, two of their residents went bouncing over to them after the first hour, so excited, saying, "When is the next session?" That was absolutely brilliant. Another bit of feedback was within the CST group, there were a number of different residents, obviously different varying levels of dementia, engaging more in discussions than probably some of the others. One of the residents was slightly more quiet, slightly more reserved, and has been like that for a very long time. They started doing the childhood memory games, and everyone else was sparking off each other, remembering different childhood memory games that they used to play. This one individual said, "I don't remember any. I don't know. I can't think of any. I don't know what these childhood memory games are." After 15 minutes of dialogue within the group, of every single resident sparking off each other and having these meaningful conversations, he piped up, really, really happy, smile on his face, and said, "I remember swimming." I think for us, that is completely and utterly validating exactly what we're doing, validating the product, validating the outcomes. The more we get this feedback, the more we get this engagement, the more we get this utilization feedback and the outcomes, the easier it is to embed this across the care sector and the care homes. Everyone that sees the product absolutely loves it. Once they see it, they think it's a no-brainer. People that know CST say, "I don't understand why this isn't deployed across every single care home." Hopefully, that gives a bit of an insight into how we are on the front line, operating, getting feedback, seeing how the product's working, and a little bit of an insight into how we're sort of operating from a region's perspective across the nation. Fia, I don't think you have—do you have anything to add onto that? It's difficult to follow that, but I think the one thing that I did think is pertinent to mention is just we're also, in addition to sort of the more transactional approach in terms of working with care homes to secure opportunities for Isla, we're also exploring partnership opportunities to enable us to build the brand visibility. This will help us open doors into the NHS. We are talking to a large-scale voluntary sector provider at the moment about a partnership opportunity that would enable us to think about how does that influence our delivery from a scalability perspective, how does that influence joint business development opportunities. They are just one of a few of those types of opportunities. We're obviously slightly bound by confidentiality at this stage. What you will see is that we'll also be looking to leverage those connections to raise the profile of CST in England overall and across the U.K. and to enable throughout the course of this year to see this switch from what has been really starting from scratch and a very outbound strategy to an inbound strategy as more and more people start to talk about CST, more people start to see it in their feeds and some of the conversations. Obviously, as I mentioned, there was a parliamentary debate on dementia. We are excited about these opportunities that are presenting and really up for seizing them to the benefit of Isla, but more importantly, for those with dementia to help them remember and to help their family members to connect with them as well. I just thought that was worth mentioning. Brilliant. I think we'll just go over to the questions now that have been submitted prior to this webinar. Potentially, I will start at the top and work down the bottom. The first question is, "Can you point for point tell what benefits of CST treatment the published report showed and how Isla can assist the staff in providing these benefits of CST treatments to the patients?" I can give a quick overview as to what the publications had shown, the recent publications that have come out. Fia, if you want to add on if you've got anything to add, I'll very briefly touch on this. We can share afterwards the longer publications for people to review. One of the most recent was a randomized control study that was published in Aging and Mental Health. It investigated the cognitive stimulation therapy on older adults with Alzheimer's disease. It was conducted between January 2023 and January 2024. The key findings, and these were key findings across a number of different studies that we've looked at, is reduced apathy, loneliness, and anxiety. Participants who received CST showed significant decreases in feelings of apathy, loneliness, and anxiety compared to those in the control group. The other thing that was notable was the improved daily living activities. The CST group demonstrated notable improvements in their ability to perform daily activities, indicating enhanced functional independence. That's just a brief sort of synopsis as to kind of what the findings actually were. In order to suggest how Isla can assist the staff in these, Isla, your CST assistant, is obviously a medical device. We're a class 1 medical device. We provide CST through being a medical device, which means that we're enabled or allowed to claim the same benefits that CST provides through the NICE recommendations. As per how we assist staff, the staff are obviously utilizing Isla to deliver CST. The benefits of the treatment are tracked, or the outcomes of CST are tracked through outcome surveys that we test and deploy pre and post-CST groups. These outcomes are akin to cognitive function, quality of mood, well-being. That enables us to sort of track the actual benefits of CST treatments to the patients. The thing that I think is really notable in the most recent publications that have come out, which I think is a really, really important factor for us and will just only go to enhance how brilliant CST is for residents living with dementia, is that anxiety, but there was also aggression that was shown to be reduced. Now, for people that know and everyone has probably interacted with, had a loved one that's had dementia, one of the greatest and saddest symptoms of someone living with dementia is anxiety and aggression. This anxiety and aggression can have an impact on care staff who are caring for people with dementia, not only the informal care sector, but the formal care sector, those that are daily, every day on the front line supporting those that we love and care for. Often, these symptoms of aggression cause the biggest stress and the biggest problems for those care workers. I think that was talked about, and Anthony and Fiona and I were talking about this most recently, is that there's a huge problem with attrition and retention rates of carers. A lot of the times, you'll see care staff physically not able to do their jobs because they're not able to deal with the aggressive behavior and symptoms that come from dementia. I think one point here that's really, really important is that the extra validation, the extra studies that are coming out that are clinically proven to not only have all the great benefits that we see around reducing cognitive decline, improved communication, improved mood, but that reduction in aggression, that reduction in anxiety will have a huge impact on care and motivation, care and stress levels, the ability for carers to manage and deal with people that are living with dementia, which I think is not only going to enhance the value of what we're doing, but just have such a wider benefit across the care sector in general. Anthony, I don't know if you want to add anything to that because this was something that you spoke to us about, and it's always kind of stuck in my head since that conversation. No, no, you're absolutely right. I don't think there's any further to add. I think we mustn't underestimate the real physical and mental challenge that it is to work with some people who are displaying really challenging behaviors. Devika's absolutely right. The attrition levels of care staff in the care sector can be up to 40% in a market where it's difficult to recruit in the first place. Much of that is because the staff are not being given the correct tools in how to manage these situations. Nobody wants to go to work to be punched or spat at or sworn at or whatever. It's about giving them those tools to really help. Thank you. The next question is, "Have you, with the past and recent contracts and feedback, gained insight on how much easier it is to roll out or scale up CST treatment with Isla compared to other methods used to roll out or scale up CST treatment? Yes. I think anecdotally, when we did that, some of you may have seen on LinkedIn that we did some training with a care home provider in the Southeast. I think what's really pertinent is that a lot of the principles that underpin CST, they say that they do day to day, but what Isla gives them is a framework to be able to deliver that with a really clear, tangible benefit. I think that they have really enjoyed that process of reaffirming their approach and also having the space to reflect on how they work with people with dementia and having the space to kind of think about how CST and those principles can inform their approach moving forward. It's been hugely positive. In terms of that, our colleague always talks about Isla as a library of inspirations of the different activities, how we're able to tailor the activities for different severity of dementia, for age groups, for mobility needs has also been really welcome, taking into account that very analog approach to delivery that is the alternative. From a lessons learned perspective, we're currently in a very active phase of thinking about how we put in place frameworks to enable us to scale our approaches as we sign more and more care homes and think about what does training look like in the future. Thinking about virtual training options, virtual pre-learning before an actual event that focuses on the use of Isla, thinking about what does that mean for the platform itself, and thinking about then how that ties into customer success and implementation processes. I think what's really important at this stage of our growth is that we really think about how do we take a very considered view of what's working, what's not working well, to then think about how that informs iteratively our approach to then enable scale without reducing quality and without reducing our knowledge of our customers, our relationship with our customers, and our understanding of the impact that Isla is having on residents, their carers, and the experiences and perceptions of their loved ones. Brilliant. Thank you. In terms of the next question, it's one around if the Danish cities want to use Isla to roll out and provide CST to people with dementia, how fast can Brain+ deliver Isla to these cities? I mean, Danish, U.K., what we've been doing in the last few months is refining further and further our implementation plan and our rollout plans to the point that it's seamless and it's really easy to deploy and deliver CST using Isla within the care homes and municipalities. Fast, yes, we're doing it as fast as we possibly can in terms of kind of an example from a care home in the U.K. After signing a contract, we within a week have got the dates for training. Training takes a day. We can get up and running as quickly as basically the provider can work with us to find the residents they want to be in part of the groups and then deploy and deliver CST. It is easy, it is effective, and we are constantly refining it to be as quickly as possible. The next and final question is, "Hey B+, can you update investors in how the ongoing TO5 issuance is going, please? Guarantors plus how many% of the nearly DKK 6 million is signed for after the first week by not guarantors only, but normal committed investors? Regards." Yes. This was probably submitted yesterday, in which case you may not have seen the absolutely incredible news that we announced today. I am incredibly pleased, honored, and absolutely overwhelmed with the support from our investors, shareholders, board, and management. Yeah, very pleased to share that we've secured 100% coverage for our ongoing TO5 warrant exercise, raising DKK 5.9 million in committed capital. This includes strong backing from long-term shareholders, our board, management, and close investors. The funds that have come in through this are expected to support our operations through to Q3 2026, bringing us to projected cash flow break-even based on current sales forecasts that are going to be forecasted alongside our cash flow. It's a really, really, really strong vote of confidence in our mission, our momentum. Yeah, the team, Hanne, and the rest of the team have worked absolutely tirelessly to get this secured, to get this done in the last week or so. Obviously, the news came out today. I'm really honored to share that with everyone today. We will keep you informed of any updates or changes and post the kind of notice that went out to market this morning. With that, we would like to say thank you for your time listening to us on this webinar. A huge thank you to Anthony for not only joining us today, but joining this journey, this amazing journey that we have all embarked on, and having your commitment and your belief in us and Isla for what we can do with the care market. We are truly honored to have you as part of our team. Thank you, Fia, for being part of this and doing a great job with the webinar. Have a lovely rest of the day, everyone, and we will be in touch soon.