Hello everyone, and welcome to this live presentation and investor update with Brain+. With us today we have Kim Baden-Kristensen, the CEO of Brain+. First, there will be a presentation, and afterwards a Q&A where Kim will answer all questions from investors. We have already received some questions on Stokk.io, and the Q&A is open, so underneath the video you can ask questions if you have any. Without further introduction, I will hand over the mic to you, Kim, for your presentation. Here you go. Thank you, Anders. Welcome everyone who are here with us either live or who are watching this on replay. Today we'll give a try and keep it a relatively brief presentation. We'll still be for newcomers, giving the overall quick introduction and flyby of Brain+. Also for everyone here, just a recap of the overall strategy and the product and technology pipeline to be able to relate what will then come afterwards, which are some of the news that have been occurring this year and the plans going forward. Touch briefly upon the ongoing rights issue at the end of that session. That's the plan for today. A lot of good questions have come in from our investors, and we'll then take those by the end. Hopefully at this point, everybody knows that we are addressing the dementia burden, and today we are primarily focusing on delivering what is called Cognitive Stimulation Therapy in a way that is digitally delivered. Cognitive Stimulation Therapy is a form of, it's called a psychosocial therapy because it involves social interaction. This is the therapy that was invented in the U.K. at University College London. The way it works today is that people are sitting in groups, four to eight people, and there's a trained therapist present who will take them through a 45-minute session where they're going through a number of structured activities that really stimulate the brain very broadly. The interesting thing about this method is that it has been shown to consistently improve cognition in people with mild to moderate dementia. On the basis of that evidence, today, cognitive stimulation therapy is the leading non-pharmacological or non-medicine treatment of dementia that exists today. Brain+ are the pioneers in digitally delivering that and are working with the originators and inventors of that. That's the first, that's the therapy that we're working with at Brain+ and that's the key, one of the keys to addressing the dementia burden. The first product which we launched the first version of late last year, is called the CST Cognitive Stimulation Therapy- Therapist Companion. What this does is that it is supporting all the therapists who are today delivering this therapeutic method, currently doing it like in an analog fashion, paper clippings, et cetera, is the type of content that they're working with today. What we're doing in this first product is delivering all the content and all the structure, which turns out to be very important, the structure for the actual effect of this treatment. Being very true to their original principles and the original structure of how this therapy is done is important for the health outcomes. All of that is being automated, you can say with our first product and allowing therapists to basically save a lot of time when they get started on this new therapy. That's the first version of this product. The second version of this product is already in the workings. That is something that will add an additional number of features and content, which will make it even quicker for therapists to adapt content both to the age and to the cognitive level of the participants in such a session, which makes for a much more quickly tailored solution of such sessions for the therapists. Now, coming back to the evidence behind this method, and this is some of the news that have happened recently for not only for Brain+, but is highly affecting us also for cognitive stimulation therapy. The fact is that this therapy method that we're pioneering the digital therapy on, it gained worldwide policy support last year. The World Alzheimer Report came out in support of this therapy and said this needs to be implemented globally as a key part of the solution to addressing the dementia burden. Obviously that will mean a lot of acceleration in the adoption of this method, which is already being adopted in 37 countries. Sorry, 27 countries on a global scale. More countries are coming on all the time. Secondly, we had the World Health Organization come out and also highlight cognitive stimulation therapy. More recently in this year, in January this year, the second Cochrane review came out and again supported this consistent findings of improvements in cognitive abilities, which basically are the things, the cognitive symptoms are the primary symptoms of dementia. A person loses their ability to pay attention. They lose their ability to basically plan, do everyday activities like shopping. Planning, making appointments, and that's why it's such an expensive disease. The second Cochrane review, a Cochrane review is like the gold standard of meta reviews for scientific articles. Basically, they go in and they look at all the scientific studies that have been done, and then they look across those to see what are the overall effects across all of those studies. This was a good piece of news that happened this year, the second Cochrane review coming out, and the two policy reports coming out late last year has also been a great support for the position that Brain+ has taken, the therapy that we're working with. We're really well positioned to take advantage of that acceleration and that, the positive adoption for cognitive stimulation therapy. That brings me then to what's next in our product pipeline? Besides rolling out the first product version, as I said, we're working on the second version of the first product. That will be the next thing to come out. We're working on what we call the cognitive stimulation therapy or CST-Home Care, and this is where it will really enable people to continue with this therapy at home after they have been through the standard seven weeks of group sessions. Today, the standard treatment is seven weeks in group sessions, and then people don't have any more offers to continue, even though it's necessary to continue, as it is with other types of things that involve stimulation and training, and currently people can't do it. They're not being offered that because it's not cost-effective, there's not the tools for it, and this is what we're developing with the home care product. Finally, in our pipeline, a little bit further out into the future, that will be two years before that can come on the market, is a product for mild cognitive impairment, which is the stage before dementia. As you can see down here at the bottom of the slide, mild cognitive impairment is the stage right before dementia. People who have mild cognitive impairment, they have a dramatically increased risk of this turning into Dementia. If you can help people already there, then there's a very real possibility to delay the start of a Dementia diagnosis, and this is where the disease becomes very expensive. From a healthcare payer and a society perspective, this is also a very valuable point to be able to, if you can postpone the actual onset of Dementia, the Dementia condition. This is the pipeline. Now in terms of what's been happening in terms of traction, as some of you who follow us know, the main focus initially has been on Denmark. Here we closed the first sale at the end of the year, then we expanded that sale. We almost doubled that in size. Last week, in fact, we announced our second sale, which was to another municipality and a specialized dementia care center within that municipality. Here's an example of us selling into, when we say a municipality, it can be starting in just one center and then expanding from that one center within the municipality, and that's actually the same thing that happened in the first municipality, which was Herning, is that we first sold to one, then we expanded the contract to allow for more therapists to also be able to use the product. We'll cover kind of the ongoing sales work, but that's basically a main focus is scaling sales in Denmark. We're working on the German introduction of the version one of the product, and we've already taken the first step towards that introduction, actually. I'll get back to that in just a second. Finally, we are looking forward to the U.K., where we also do, where we're already in a number of dialogues and planning for doing pilots in the U.K., and then to enter the U.K. market next year. In parallel with this, we're working on conversations and relationship with big pharma. This is just to give you the full commercial picture. You can say in that sense that there are two main tracks. One is kind of the introducing the product, start introducing that in Denmark, Germany, and the U.K. We're doing that not only with our own sales force, but also with partners, especially in the larger markets. In parallel with that, we're having the dialogues with the big pharma companies. We're already working, as you know, with Roche in Germany through their daughter company, RoX Health. They're working us, helping us with market introduction. They're helping us figure out the best regulatory pathway and the best reimbursement pathway. I think we'll get back to talking about Germany and reimbursement later on. Then we have a number of interesting dialogues with some of the other big pharma players, that we've had a goal to make large strategic partnerships with ever since we IPO'd. The Roche partnership in Germany, that is the first of those, and that one is going well, and also one that we're looking into to expanding. Getting, continuing with the German market introduction, here the first step in that introduction have been partnering with one of the largest organizations that are providing dementia services in Germany. It's called Malteser Hilfsdienst. It's part of Malteser International, which is an even larger organization. Malteser Hilfsdienst, they have 100 specialized dementia cafes all across Germany where people can come in and receive this type of different types of activities, different types of assistance, and could receive cognitive stimulation therapy, and that is the first pilot that we're doing with them. This is the first step towards a German introduction. I think we'll get back to covering more about the German introduction as we go through the questions. There's been a number of news also on our technologies, because now I've mentioned the three products that are in the pipeline. These are built on the different technologies. One of the technologies is the cognitive stimulation therapy that I've talked a lot about. The second one is another therapy form called computerized cognitive training. Finally, we have the Starry Night, which is a memory test originally developed by University of Oxford that can detect the very early signs of Alzheimer's disease that we then partnered with University of Oxford to make that scalable, make it available on all platforms, including mobile, and that will be part of the future products that we're doing. We've had some good progress in these areas as well. We have concluded one large EU project with good results, which meant that we got another little bit over EUR 100,000 in grant funding from that one, and that included a number of the positive results that we've been releasing last year as well. We got another research grant as well with some of the premium researchers in dementia across Europe and these guys are basically helping us figure out how can we optimize at-home treatments for people with dementia, and that is spot on into the second product and the third product that we have in our pipeline, and so this was a great grant that we received. We also extended our research partnership with the Research Institutes of Sweden and University of Gothenburg. We got additional positive results on the clinical trials that we're doing with University of Nottingham. This refers to the second technology that I showed you just before, the computerized cognitive training technology, where we saw some very interesting results there, which was about people with subjective cognitive impairments using this technology. This is the stage right before mild cognitive impairment. Good? Just moving on to just give a little bit of context to what's happening in the industry. As we get to the questions, we'll get more into commercial strategies, et cetera. Don't worry about that. We'll get back to that in the questions. I want to give a little bit of context on what's happening also in the industry. One of the interesting things is that we've just had a few good results come out of the pharma companies. We've had lecanemab, of course, last year for mild cognitive impairment from Eisai and Biogen. That's good news for companies like ourselves because this means that there will be an increased focus and investment from the pharma companies also in dementia, in Alzheimer's disease, and not least in digital therapeutics, because these companies are all looking for companion products and also products to combine with the treatments. This is what this slide is really visualizing, is that there can be real synergies when you combine a medicinal treatment, a pharmacological treatment with a digital treatment. In fact, for cognitive stimulation therapy, there's already several studies showing that if you combine some of the existing Alzheimer's drugs with cognitive stimulation therapy, you see enhanced effects. These are also some of the interesting conversations that we're having with the pharma companies. We also just saw Lilly come out with positive results on donanemab, which is I suppose you can call it a type of in the same family as lecanemab. We are seeing some positive wins here for the first time in a long time in the pharmacological treatment, which is all in all good news both for patients but also for digital therapeutics companies active in this field, because these are complementary treatments and not competitive treatments. We've seen some strong moves as well in some of the different markets in terms of supporting digital therapeutics, and here the Danish government put a budget of half a billion Danish kroner to support digital solutions that can help, and they call it future-proof the healthcare system. I think this is what all healthcare systems are really looking into these days, is that they realize they don't have enough therapists, they don't have enough budget to basically address the healthcare issues, so they need to do that in a more efficient manner, and this is where digital therapeutics is going to play a significant role and will be a essential part of how we're going to do healthcare in the future. This is just a summary slide as a bit of a round off before we go into the questions and answer sessions. Right now we're working on proof of business in Denmark and scaling that. We are working on the market introduction in Germany, so that's already ongoing, as you can hear, with Malteser, preparing for the launch in the U.K. and the launch of the second version of the first product. That's kind of the part one is the first product, you can say. In parallel with that, we're working on some studies which will enable large-scale reimbursement, and maybe we can get back to that in the questions. On the second product, the product is in the works, you can say. The development team is already working on that. The plan is to basically introduce that also in the coming years and then introduce that in Denmark, Germany, and the U.K. first. Finally, we're working on the third product, and that is more in the earlier stages of innovation and is being done in a consortium innovation project with some of our leading partners and dementia experts. Which finally brings me to a brief note on the ongoing rights issue, and we will cover some questions on that as well. This is going, the rights issue subscription period has already started, and it's running between now and the 25th of May. Here existing shareholders have preferential rights to go in and subscribe to these new units that are being put onto the market by Brain+. Each unit consists of two new shares and four new warrants called the TO 2 and the TO 3, and the warrants are just options to be able to buy in respectively October this year and March this year new shares at a discounted price of 30%. The shares, one unit costs DKK 1. The way you can think about that is that per share that is EUR 50 or DDK 0.50 per share including two free warrants per share. Each warrant gets the right to buy one new share. From that perspective you can say if you are an existing shareholder that has a right, then if you look at the share price, when is it attractive to buy a unit right? Of course, it's attractive if you believe in the company long term. That should be essential, that you believe in the fundamental value creation possibility of this company in the long term. If you look at it from a purely economic perspective, you can look at whether or not the share price is higher than the EUR 50 or DKK 0.50. If it is higher than that, then it's a valuable trade of course to utilize a unit that gives you access to a share that costs only half a kroner. It's also possible to buy the, what the unit rights gives is the right of course to buy this, and you can also buy these in the market. Some people may not be able to use their rights, their preferential rights, and they can then sell those on the market. As long as they are, they have a certain price and the price of one preferential right, you can divide that by two and that will tell you kind of the extra price you need to pay if you want to ensure the right to a unit in this rights issue. Of course, there's a chance you can also subscribe to new shares in this rights issue without having the preferential rights, but then you risk not getting any allocation. That's what the rights are good for, giving the preferential early rights to existing shareholders and those who buy them in the market from shareholders who are unable to use them themselves. One note here is check out with your local bank, each have different deadlines. For people who have Nordnet, tomorrow the 16th is one of their deadlines after which they will start automatically selling your rights to buy new units in the market automatically if you haven't responded to whether you want to use them or not, which means that they will just see if they can sell those in the market. You can still buy new units and you can still buy shares after that, and then whatever rights are not being sold you can still use those up until the 25th of May. It would be good to take a look at that and make a decision before Nordnet starts to automatically sell those rights for you. Different dates may apply to different banks. Go check with your local bank. You should have received what is called a corporate action which describes some of this, and in case that you haven't and you want to know more about how this is being done, you can also go to the Brain+ investor side or you can write to our investor email and ask for some of the more detailed descriptions of how these things work. With that said, I think, we have come to the end of the presentation, Anders. Let's take some questions. Perfect, Kim. Thank you for that. Let's move directly into the questions then and take them one by one. Let's start from the top with those that have the most upvotes. Just for everyone listening in, if you have any questions just remember the Q&A is still open, so you can still ask questions. The first question, in the annual report you wrote that the German market introduction was advanced to Q2 2023. We are now in Q2. Can you tell more about this market introduction? What do you expect is achievable, and how are you planning to do the launch in Germany? Absolutely. In Germany, as I mentioned, we've already begun the introduction with some of the partners that we have there to get sure that we get piloting the product with local services and local players there. Also, we have been presenting the product and CST, cognitive stimulation therapy, at the largest elderly care conference in Germany with a lot of good responses and new contacts with some of the bigger players in Germany there that we're now following up upon in dialogue. You can say in that way we're already in the works there. At the same time, we are working with further adaptation of the product to the German market, and we're doing that with the leading German experts on cognitive stimulation therapy. This is kind of our general way of operating when we go into a new market, is that we see who are the people who are experts on cognitive stimulation therapy in that market, because this is the therapy that needs to be culturally adapted to each market. It is a lot about speaking about topics that are relevant to somebody with dementia, and it's of course easier, you know, if it's something with a German flag or a picture from a German city that is well known to you than in some foreign country. The cultural adaptation is important and therefore in each country there will usually be a paper-based cognitive stimulation therapy manual, and we are working usually with the authors of those manuals to adapt our product into these markets. I think in terms of the longer term strategy, not only in Germany, but I wanna mention that actually for all markets, is that in each market there will be one or several designated institutions that have the job to train therapists in this particular therapeutic method, so so-called train-the-trainer organizations. In Denmark, it's the Danish Dementia Research Centre. They're one of the organizations, and the second organization is called VIA University College. In Germany, it's an organization, it's a university called Bielefeld University and some of their affiliated organizations. One of our key targets in each country is to get in close with these organizations because we wanna be in there as the preferred digitally digital product to support this therapy in all the markets. Since they're the ones training all the newly trained therapists, this is kind of getting in at the source. That's one of the things that we're working on in Germany and which is another reason that we are partnering with some of these experts because they will also actually be the ones who will be training new therapists in this therapeutic method. We have a number of follow-ups on some of these customer dialogues that we already have started. I'm not gonna give any revenue projections on Germany, just like we're not doing it in Denmark yet, but the introduction has already started in that sense in Germany and the customer dialogues are already ongoing, you can say. Yeah. Perfect. Then just, there were a follow-up question on that. Do you have any specific focus areas in Germany, or do you focus on Germany as a whole country to begin with? Yeah. I mean, you can say the train-the-trainer organization is of course in one part of Germany, so automatically we'll focus there. Right now we're looking into the different German regions because there are differences in both each of the German regions have their own approaches to the healthcare and handling of dementia. While I won't say that we have necessarily chosen at the exclusion of other regions, we're looking a lot at Southern Germany as well, which is also a little bit the richer part of Germany. Hamburg is also a richer part of Germany. Otherwise the south is one that could be a good target for us as we see it right now. I wanna just mention one more thing in Germany, of course, this is also, as I mentioned in the presentation, where we're working with Roche through their daughter company, RoX Health. They have a number of initiatives within dementia, and so we're also kind of tagging along and working with them on developing those ones. The last thing you can say that we're working on in Germany is also reimbursement. I think there was a question also about reimbursement and the general attitude in Germany? Yeah Therapeutics? Maybe read that one for me and then I'll elaborate based on that question as well. Let me see if I can find it here. Yeah. Can you provide some information on Germany's focus on digital solutions? As you wrote in a press release, Germany is usually not seen as a front runner on digital solutions. What is behind Germany's adoption here, and how does your current product fit into this? The question is around the reimbursement. Can it be reimbursed in Germany? Yeah. Yes. I think what's happened in recent years is that the political will and the awareness of the necessity of digital therapeutics as part of the solution to the healthcare system's challenges has become very apparent, and the political will has become very strong, which meant that Germany introduced, no more than, or actually a full two new reimbursement pathways for digital therapeutics. One is called DiGA and the other is called DiPA. These are now pathways where a number of digital therapeutics solutions and apps have been approved, and are now working on the actual adoption part of that. This is always one of the big, you can say, places or value inflection points for medical products, life science products, whether it's medicine or whether it's medical devices, is that you get reimbursement at scale. Here we're talking national frameworks, so that means if you get through that national framework, then all the insurance companies or the Krankenkassen covering all the Germans are obliged to pay for your product. That's a very attractive way because it removes the budget barrier, if you will, right? It removes the payment barrier, both for if it's a B2B sale, but it can also be reimbursable on a B2C level actually, so you can do a direct to consumer sale as well. I think this has been one huge leap forward for Germany. As a general country in terms of their healthcare system, they're still behind on digitalization of the healthcare system compared to, for example, the Nordics, without a doubt, but they're ahead on reimbursement of digital therapeutics. It's a little bit they're ahead on that side and a little bit behind on the others. That's why the question before about where to start in Germany, that's relevant, right? It's not like we're gonna start rolling out to all of Germany all at once. We're gonna start with the areas where they're the furthest ahead, and in the meantime, we're gonna work on getting the national reimbursement up and running. In the meantime, we can sell classic B2B where each individual organization, institution decides to pay for it themselves. That's, you can say also the general how the business model works in other markets. In Denmark, there's no national reimbursement framework, so there we're selling by to each municipality needs to find the money. There are some national reimbursement frameworks that are relevant for medical devices that can be looked into and that we are looking into. In Germany, there are also alternatives to these two national channels, so there are also more kind of traditional medical device reimbursement pathways that can be used even for digital tools in Germany. Finally, like if I can mention the third market we're focusing on, I know the question was about Germany, but I think people will find it interesting to hear about the U.K. as well, is that in the U.K. they have some of the best and most advanced, you can say, not only guidelines for assessing digital technologies for use in clinical settings and for medical purposes, but they're also quite far ahead in actually using those in clinical practice in the National Health Service, the NHS. That's why that's an important market for us, we feel, with this, with our products and, which is why it's so high on our agenda to go there as the next market after Germany. Perfect. Let's stay in the, in the commercial area. Can you try to elaborate a bit on how your pipeline is developing with your market-ready product? Do you have an expected lead time from lead to customer? I'll elaborate here, then I can also encourage everyone watching here to watch one of the latest videos posted by Brain+, where I had a conversation with our Business Development Manager, Brian Østergaard, who is explaining in much more detail and spending like, I don't think, five to seven minutes going into this exact topic. The short answer here is that right now we are in ongoing dialogue with 30 municipalities, and those are the ones that are using conscious sedation therapy. We've made two sales at this point to two of these municipalities, or not only to them on a full municipal level, but also to some of their subunits, so there's room to scale within each municipality as well. Then we'll be looking also to have conversations, now for example, today and tomorrow in Denmark we have the so-called Dementia Days, this is kind of the dementia conference of Denmark. There we're meeting again many of the municipalities, a lot of the healthcare professionals working in dementia. Of course these are also. There will be a number of follow-ups coming out of that. I think we are already in good dialogue now with a number of the relevant players, so it's a matter of finding out like when do they have the money for it? Also taking into account that some of them are more used to working with digital tools, some of them are not. Some of them have enough, have very trained therapists, some of them do not. There is also some of them where the first product version is a very good fit, and then there are some of them where the second product version, that will be, of course, a better fit for everyone, but it's also very well suited for a highly experienced therapist, where the first one, the first product is more a big help for newly trained CST therapists, for saving them a lot of time. That's kind of the current status, I would say, in Denmark. The question was also the lead time. If you ask a guy like Brian, he would say that to sell into a municipality, the lead time is one to two years. That's a long time. It has to do with the municipal sales cycle, where they buy mostly in Q4 and even the year before, that's when they do then you wanna try and get into the budgets for the subsequent year, that's why it can be even a two-year cycle. From that perspective, it's already very good that we've made a couple of sales within the first six months of the launch of the first product version, you could say. Again, I recommend everybody to go watch the video, with Brian to learn more. Yeah. Perfect. You have given an estimate of break even in cash flow in 2025. Do you have an overview of how much that would require in number of contracts or any other measures for investors to track? Yeah. I think, maybe we can elaborate on that to say, first of all, in Denmark and therefore in other markets, we're not giving revenue guidance yet and therefore not giving KPI guidance yet. Of course, number of clinics and therapists could be relevant at some point, but we're gonna do that when we start doing that officially, we'll start sharing some of those metrics in a like officially, not just here. In the meantime, maybe I can say what is required in terms of the markets for that. Here I would say you can track, of course, also the introduction in the different markets because to reach the target with the first product, the Therapist Companion, we need to get traction in Denmark, Germany, and the U.K. to reach that target. You can track that progression like in each of the markets also if we get into them as planned. That's a necessity for us. The reason that is that as I've mentioned at the beginning of the presentation, cognitive stimulation therapy is not only us coming with a new product. This is a leading therapeutic form that is being adopted in each of these markets, and some of them are doing that quicker than others, and all of them are growing in terms of the adoption. We're also riding a wave in each of these markets, and we can scale with that adoption as well. That's why we get more, you can say, value by using our product and applying it in multiple markets at the same time where we can scale with how the markets are scaling. That's why it's important for us to do that in order to reach that. I would also say that that's only part of the story. Another way to reach that is also through the pharma partnerships that we're working on. Okay. Maybe let's continue a bit on the, on the financial side. 2021 into 2022, from the annual report, staff expenses increased by around 30%. When can we expect to see gross profit rise? Yeah. As if you followed the news, you know that we made some strong hires, especially last year, so we really have a strong team. What I will say, one thing is that we're gonna keep that expense level steady going forward. The current plans we have, we do with the current team that we have and we keep doing that unless we get more than expected funding from the rights issue and the warrants. We could, of course, get more than expected, in which case we might choose to ramp up even further to accelerate even further. For now, we're keeping that on a steady level also in respect for how challenging the market conditions have been up until now how challenging fundraising can be in this environment. In terms of when the profits the gross profits will follow, again, not giving any revenue projections at this point, but as you can hear from the conversations in terms of the how we're rolling it out, this is what we're working on. Following that, there's a bit of a broad question here. What financial and/or commercial challenges lie ahead for Brain+? Well, we can start with the financial. You can say we're in the fortunate position, of course, that we already secured 85% of the rights issue proceeds. Regardless of how the rights issue goes, we're in a good place with that funding, you can say, right? Some of the challenges is to make sure that we do well, that we perform and we execute well this year because we have two warrants coming up, which is part of the units that people are now buying. Those warrants will be executed in October this year and in March 2024. I would say the challenge is to make sure that we keep on delivering as we have up until now to show that we're still progressing according to our plans, and there's the good reason to believe that the strong position we have and the great potential that we have, that we're moving towards that continuously. That I think is the key challenge for us is to keep doing that and do that well so that we get the investors to see that, yes, we are moving towards that big potential. You can say from a more macro and external perspective, the challenge is of course still how long will it take for the financial markets to start turning around and becoming more friendly. Again, you can say less risk-averse. Of course, current market conditions are great for those who are willing to take risk and dare to kind of get in some different places at a good price. Of course, it also comes with a risk. That's how it goes, right? My hope would be that we see a turnaround this year in the financial markets, and that will make it easier for companies all around to raise capital at a lower cost of capital than we can today. Yeah. Yeah. Then the other question was commercial challenges, right? Just to like briefly touch upon that, I think, here is kind of this continuously we're moving into new markets, like Germany and also the U.K., and the challenge will be to, in those markets, to really be good at doing kind of the groundwork and finding the right way to sell and making sure that even as we introduce a product, that we're flexible in adapting to continuously to improve the product market fit. That goes even for a market like Denmark, that is our home market. We need to continuously be doing that, adapting to the use in the market that we're seeing and thus like accelerate uptake. Getting very close with the customers and with the leading experts and key opinion leaders in the markets, which is something that we've succeeded very well with the in the past year. Perfect. The questions goes a little bit into the shares and the investor environment. The first question here, with all of the new shares you are creating, what are you trying to do to not just dilute your investors? Yeah. That's a good question, this is why we've done the actually structured the rights issue with the warrants the way we have. You can say we're trying to solve obviously for a number of things at the same time. We need the money to continue to progress with the plan. This is not a surprise. It was announced not only at the IPO, also at last year's half year report that we would need to raise new money this year. We're trying to minimize the necessity for fundraising, which is also why I said, like now we're keeping the team steady in size unless we get more than we've asked for. This is one way to make sure that we take in less money now than we would've otherwise needed to. We postpone taking in money until October and March, which is why we have the warrants. Of course, we need to look at what are the market conditions, what is the share price, and what is the risk premium that the market is demanding right now? We make those two ends meet, and that's why we end up with, you can say, the number of shares issued that we have decided to do because that is the way that we can make those ends meet each other so we get the money that we need now. We have done very considerately what we could to minimize dilution to existing shareholders. These markets are just like, let's be honest, these are brutal and harsh market conditions, not just for Brain+, this is for everyone, in particular in the life science industry and in the tech industry. We happen to be both of those, right? That just means that money is expensive right now. That part we can't get around, but we can structure it in a way where we take in less money right now, and hopefully we can see either the markets change and/or we can actually improve, we can improve our execution in a way that improves investor interest, so we see a positive value development. For the ones who have bought unit rights now, they will benefit in October and March if we have a good development because there's a limit to how much. Not only is there a 30% discount on the warrants, but there's also a ceiling to how much you pay per share with the warrants. There's a really there's a chance if one gets the units now and have the warrants, that actually you'll have less, even less dilution from a value perspective if we perform as a company. Yeah. Perfect. A follow-up question around this. Please explain how the emission is guaranteed with regards to pre-commitments and guarantors, and how is management board of directors participating as co-investors? I think we have a mix of pre-subscriptions and guarantors. That's a mix. If you want the exact numbers, they are in the announcement actually of the rights issue that you can find on Cision. It's about, I think, DKK 3 million, DKK 4 million pre-subscription, then the rest guarantors. Please go and check that yourself. I can't remember that right now in this very moment. That's important that you check that if it's important to you. That's on the one side. The board and management have also invested for around half a million Danish kroner. Again, I think that's a good sign of faith in the company, you can say. Also because it's not like these are giant fish, you can say, in terms of investments that are sitting in the board, although they are extremely competent and some, you can say, leading experts within their respective fields, Alzheimer's, and life science companies. They're not like huge, necessarily huge investors themselves. I think this is a good sign that everybody and both the board and management is investing in the round. Perfect. There is a question here. Can you reveal the financial value for Brain+, of those deals Brain+ have closed in Denmark and of the introduction in Germany? For that I would say again, refer to the news. There's a reason also from a price competitive perspective that, for example, the last, the second deal we didn't put the contract value out because we don't wanna set an expectation with other customers, because right now we're doing introductory prices, you could say. These are kinda like the first movers are getting good deals, so we can get the foot in the door. We also wanna make sure that it's not misunderstood as that this is the reference price that we're giving the first movers. Therefore, I would say whatever we put out in terms of that, you will be able to find that in the news messages that we put out. Otherwise, it's something that we don't share for now. Yeah. Okay. The last question for now, what has been done to attract professional investors? we mean institutional investors, we are ongoingly out there speaking to investors, both classic institutional investors that are investing in public companies. We are also still in dialogues with venture capital firms who can invest in public companies. Not all of them can, but some of them do have the mandates to invest in public companies, and there is a lot of interest for digital therapeutics, and there is also a lot of interest in dementia. That's an ongoing, like, keeping them informed and making sure that they know of us and having all those conversations now because we're still, in terms of market capitalization, we are still a bit too small for the big institutional investors to get in, but we already believe that it's important to invest the time now to have the conversations with them so that we know that they're there and we are on their radar. We know we're on the radar of several of these institutional investors already. It's a matter of us getting to the right size where they can actually start investing, in us, within the restrictions of their mandates. Perfect. That was all the questions. Now I will hand over the mic for you to say some final remarks if you have anything for people listening in here. Yeah. For any existing investors, first of all, thank you for being with us so far. I hope you'll continue that journey with us and make use of your rights here in this rights issue. For anybody new and considering, I would warmly welcome you into this journey. I think not only is it one that can make a great impact in the world in a positive way, addressing one of the largest unmet clinical needs that exists today, which is the dementia burden, it also has a great potential from a value creation perspective. We have a strong position to basically take advantage of that with the leading key experts on a global scale for this therapy, which is becoming the leading therapy in the world, digital therapeutics definitely becoming, in the future, an essential part of the way we do healthcare. That's kind of the brief summary. I welcome anyone on board. Also wanna say, keep the questions coming. You're always free to write us, or call us to ask questions about Brain+ or about the rights issue. We are always here to answer your questions. Thank you.