Good afternoon, and welcome to this financial presentation and Q&A with CS MEDICA. With us today, we have the full management team. 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 CS MEDICA to start the presentation. Your line is now open. Thank you very much, and welcome to our webinar, where we will present our highlights of Q2 and our first half year. A little bit about CS MEDICA, we are a Danish MedTech company combining research and development, technology, and nature to advance our human health. We are challenging how to treat pain, autoimmune diseases, and stress-related disorders like arthritis, psoriasis, insomnia, hair loss, allergies, and overall pain relief. Our products is designed for human and our pets, and based on evidence-based and CBD-integrated treatments. So our highlights for our first half year and Q2 is that we met our revenue expectations with DKK 2.45 in Q2, which has accumulated to our first half-year performance with DKK 4.13 in revenue. Our critical mass of local registration, combined with our significant strides in reducing lead time to market and reduction in burn rate by 45%, demonstrates the efficacy of our strategic shift. We are very much focused on sales in Europe, and it is also here we are driven by our revenue. We have experienced a very high pull effect from the market, while we're looking outside of Europe for registrations. We are still facing some challenging securing the sufficient liquidity, but more about this on a later stage. Our order intake and sales continue to increase and outpacing our revenue growth due to the lead time from order to revenue. Unmute. Yes, thank you so much, Lone. With our compliance and marketing as service, we continue to provide a high-level support to the sales department by ensuring alignment with the regulatory standards. In Q2, our new compliance and market strategy established as a strong foundation for introducing additional, regional products. We have a market-specific registration plan and have recently registered some product in Australia. On January 26th, 2024, the CANNASEN Pain Patch and two cosmetic product were registered in Australia. This important approval overcomes the complex regulatory barriers, and we can register the other product, dependent on the market. Additionally, our compliance effort enhance our MDR strategy. We are on track with our plan with BSI notified body concerning the submission dates for the technical file assessment. We have already submitted some of the technical file to initiate the process, and the audit with BSI to obtain ISO 13485 certificate has enhanced our compliance strategy, as this is very important standard for the quality management system in the medical devices industry, ensure the quality, safety, compliance with the requirement. Recently, the Danish Medicines Agency inspect us according to the MDR Article 14 regarding the distribution of the medical devices product. The outcome of this inspection confirmed that overall, we align with the legal and technical requirements of the relevant regulations. However, some minor recommendation need to be considered. Back to the registrations matter, the compliance strategy and the knowledge we have allowed us to present and to register the product as medical devices with CBD to align with the different global regulations. Moreover, our compliance strategy allowed us to share costs with the partner and achieve faster outcome. Yes, Yeah. I think just to support you a little bit, it's actually where we see we have invested really heavily- Yep ... in the whole MDR and having the registration on the, instead of just being a basic cannabis company, which we are not, we are within the medical registration. So what we see is actually where we differentiate, especially now, where some companies are taking off the market as a consequence- Mm ... to this transition. As Suzan was also saying, what we see right now is that, by focusing on Europe, we already have registrations, so we don't have that lead time to add to enter a market. But we also see right now, reaching a critical mass in the rest of the world, so when we are contacted by MENA countries or, Asia or even U.S., it's easier for us to get the registrations, because we are already, haven't been approved by a notified body or, FDA or TGA. So right now, we can see it's actually picking up in terms of speed in that sense. So that's why also when Mikkel comes into the performance, we see actually the order intake is taking off faster than us being able to convert to revenue. But that's why now we're working with an order backlog, because then we can actually see it's easier to convert when it happens. So it's just to give you an idea of those are the areas we're focusing on. So when people ask us, "Why are you spreading all over the world?" We're actually not. We're being contacted, and then it's easier to use what we have from Europe. Yes, I agree, Heidi, and thanks for sharing some insights on that. I believe you're absolutely right. The growth seen over the past two quarters is definitely driven by sales. All of it is within the EU, and 82% of it is recurring. We are, of course, very proud and very confident with the recurring sales because we knew that we had good products, but it also needs to go to the customers. It needs to go into the pharmaceutical channel. It can be clinics, pharmacies, et cetera, for the end patients to use our products, come back, repurchase, for our customers to come back. So we're quite proud about the high percentage of recurring sales. Naturally, those order intake were those that we talked about in the last year, and where we had a long lead time in production. We are now delivering some high quantities through some very professional partners, being top-notch in their market on their specific categories, so we are super happy about that. We have new market launch in Switzerland on two different products, and we see a high demand from the DACH region. Previously, let's say turning 5 months to 10 months back in time, it was very much South Europe. Also with the demand was we can also see the sales coming from now, but now we also see a very high demand in the DACH region, which we are trying to utilize at the moment. We delivered 76,000 units, and the pain category is still the best-selling. Within CBD, it is the natural first treatment. But we do see, especially on the order intake, as Heidi said, from the pull effect from the MENA region, that also anti-hair loss and other products are really picking up now. So we are spreading more, where in the past we were more focused on a higher percentage of sales were in the category of pain. own-label accounted for a lot of the sales, so 86% of the sales coming from own-label. While we see the pull effect from the order intake from outside EU is very much based on the CANNASEN brand. It's the well-known North European brand that is well adapted in the minds of our customers in that region. Yeah, as already mentioned by both Suzan and Heidi, we are reducing lead time due to sales within the EU, while we are also picking up doing things faster on the registration outside EU, where Australia and other countries are a classic example of that. Yeah, and then, of course, optimized processes within packaging, artwork, translations, so that our partners are well onboarded and have some strict deadlines in order for us to meet those production lead times that we are aiming for. I think that is- And just to note on it as well, 82% of recurring- Mm ... sales based on our database, or you can say customer base, that is maximum two years. It's everybody who knows how to grow a business from scratch, it's fairly okay. And of course, also we've learned a lot. We've learned the fact that there is a lot of requests, then we have, packaging that goes, as you say, either to own-label or branded. So what we already done right now, by harmonizing a lot, then suddenly also we can work with bundle productions, and we can work with- Mm. So the primary, which is the tube that we work with for the gels or even the sprays, that is where the hard core production is. We're also harmonizing that, so it's only the, you can say, the cardboard and the outer, that we can variate on language or whatever. So suddenly also, they are both in cost, in cost, but also in time, we have been more effective. Another thing why we said that the own-label product sales is having a high percentage is basically due to the fact that the cash flow and the volume is a very different story than when we work with the branded one, then we have to take a lot of the cut ourself. We don't do that when it's own-label. So- Mm ... being a brand girl, it hurts sometimes, but again, here, finding and working with partners that are very, very strong and have very good muscles, right now, that's the right angle and the right approach to build with them and then get the volume, and they can up the volume up and running in terms of cost efficiency on the production part. So it's just to kind of also wrap around the whole essence of why Q2 is also picking up. Yes. Yeah. When looking at China, this is, yeah, a never-ending story. It seems many of the questions, which are placed at Stokk.io, are related to China, but actually we see progress in our relationship with China. Lastly, we have our board member, Jesper Halle, who has a long experience from the Asian market, and also he was formerly employed by Invest in Denmark and Foreign Affairs in Beijing. He attended a meeting together with our investor, [audio distortion], Foreign Affairs and Invest in Denmark in Beijing, actually to discuss and get closer to a solution where we can hopefully find a solution that can be performed in a way that we will actually receive money from China, supporting our business within the very near future. Right now, we are working to secure transfer within this quarter, meaning Q3 2023-2024. We are still navigating with two different transfers. We have the IP transfer agreement, which actually was pending in November 2023, but due to a lot of different challenges in the approval process in China, and latest with additional documentation being required by SAFE, we are still challenged with this one. But this is also one of the areas that have been discussed at this current meeting that will be resolved in different manners than we have been working with earlier. The investment agreement is based on 3-5 products being approved by the Chinese FDA. But due to challenges in the approval process at the Chinese FDA, we are currently in the process to see how we can facilitate and adjust the investment agreement in a way that can make sure that we get the funding as soon as possible. To do this, we are working together with a lot of different stakeholders to facilitate this in a way that could be mean that we will soon see a solution on ex- specifically this area. And as soon as this happen, we will obviously send out a press release informing the market of what solution we will follow to facilitate this money transfer. Besides navigating with these two money transfers, we also are looking into how we can access China due to the challenges by the Chinese FDA. We have started up the Hainan Fast Track program, where we are in the process with getting all our products approved to be sold in the Hainan area. This is a very common way to access China due to the challenges of the Chinese FDA, and we have great expectation to this process and do expect to have this finalized within a time that could facilitate sales through Hainan into China within this coming year. Also, we see Hong Kong as an additional way to enter China, as we have the U.K. MHRA approval. That means that we can actually sell in Hong Kong, and then cross-border into China mainland as well. As also mentioned in the quarterly report, it is a complex partnerships. We have investment... Our investment partner is located in Inner Mongolia, and our joint venture is in Hainan. There are a lot of complexities around us being within China with an investment partner within China, and those complexities are those that we are trying to find solution on currently. We are also looking into other funding solution, but I know that some of the questions at Stokk.io is actually about those, so I would put this to a later answer. Yeah. India being one of our focus area, both on sales, as India is now becoming a major market in the coming years, and also India is very focused on natural medicine. And besides that, India, there, we have 75% of all our generic medicine produced, so they are very well-equipped to produce under the pharmaceutical, regulation. So therefore, during our Q2, our activities in India has been focused on identify, cost optimal, potential, where we identify our CMO, contract manufacturing organization, with the ISO 13485 and GMP-approved facilities in order to reduce production time to eight weeks and cut cost up to 50%. So the next steps for us to take in India is that we are going to conduct some tests, with our formulation, which we expect to conclude, end of 2024. We will have an enhanced market understanding, enable strategic cooperation, and we will ensure the regulatory compliance by... We will audit the facility. We will need to validate our new CMO production facility, and we also will need to do the conducting a stability test according to ICH Stability Zone 4B, which is the standard for India, but also ICH Stability Zone 2, which is the European. So all in all, just to kind of, do an update, we did a new, what we call, 4R strategy, which is reflect, revise, reframe, and reinvigorate. We mentioned that in Q1. ... where we actually decided due to the going concern, but also the situation that we were in facing, that we were expecting funding from China, and we kept seeing unforeseen challenges and delays. So we needed to do something completely different in order to restate our position, both on the market and going forward. As Lone was also saying in the beginning, I think we've taken most of the needed actions in order to go in that direction. But one of the things was to actually say that we needed to find alternative routes. I also know a lot of the question goes in that direction, what we mean, but I think, Gitte, you have the pleasure of going into details. But I think all in all, it is that we need to figure out how we can move forward and, get up and running on the growth path that we see right now, and activate and convert the order backlog into production, and, get all the ideas that we have and all the potential we have into scope. Some of you wants to share to go up as well to get the value in. So in that sense, we need to solve this as a first priority. So we have reflected, and we have changed our funding strategy, but also the operational processes, as you can also see. It has an effect already now in Q2, that the way that we have worked with supply chain, also the way we have worked with ordering, the sales pipeline, the focus on the markets, it also means that we are picking up on, on that area. Some of the contingency plans that we have also created, that's definitely something we could have been better at, but we've learned, and now it's there. So I think also we reach a critical mass, not only in local registrations, but also in plan A, B, C, D, Gitte, in order for us to know exactly every time we have a challenge, either if it come to registration or if it come to something else, we know how to maneuver it. In terms of revising, it's about adapting the focus, but also remain really remaining within the, the core, which is we need to utilize the investments that we have already done. So as Lone is saying, we have a lot of other things in pipeline on product development that is on hold. We have also new products we want to launch. It's on hold or make to order. But we also have some other things that currently we will not activate because we need to focus on what creates value short term right now. So that actually means also, looking into, especially the European market, is that everything that is evidence-based with clinical trials and compliance and everything, that is the ones they are surviving right now, when you mention the word CBD. But it's also the patents and the distribution contract that helps us right now. So in terms of market cap, I know also, Gitte, you have a question on that. We can have a discussion in terms of how we evaluate, if you look at the share only, or if you look at the IP rights and what's actually in the company of how we are positioned as a company. That's a discussion I would love to take in another forum. But at least here, you have the pleasure to go into this later. Reframing, it's about repositioning, and that actually what I'm trying to say, it's how we reposition our brand. We have also learned how to communicate who we are and what it is that we're offering. The minute that we enter cannabis only, which we are not, then we see it's limited distribution. It's really tough, but it's also where actually a lot of the companies right now during the legislation part is being hit. So we are moving even further towards the pharma. So that's also how we have been repositioned. But we also reframed the way we work. We reframed the way we structure our costs. So it also means that the way we work with our brand, we have changed. The way we work with our partners and registration have also changed. The way we go into production has also changed. So the fact that we do bundle and we don't demand the higher MOQs, right, Mikkel, then suddenly, actually, we can bring people on board faster and activate the orders that we have. Mm-hmm. So we have really changed the way that we work based on the feedback and the input from our customers. Yes. And then again, also, all in all, there's a reason we are still here as a team. We do believe in it, and I think we kept the spirit and the [vroom, beep, culture], because all of us is definitely persistent on moving forward. So those four areas are the ones that we're working on constantly, and we're not debating it. Yes, when we look at the highlights, for quarter two and the full half year, following 2023, 2024, we finally see the full result of our consolidation efforts and also many of the areas that, that Heidi touched base on in regard to our 4R strategy. This resulted in a net result, for the period being half the loss than the comparable quarter last year. We have managed to reduce costs dramatically this period by... But also, while reducing costs, we have increased the net sales, which is actually quite an accomplishment, because normally, it focuses on either one of them, but we have actually managed by the 4R strategy to both consolidate and reduce costs by also increasing sales. While the sales has increased dramatically compared to the last quarter, the same-... Last quarter last year, which was DKK 251, it is this quarter DKK 2.4 million, accumulated to DKK 4.1 million, which compared to the accumulated figures last year is quite an accomplishment. We are still focusing on consolidating our costs. We managed to reduce our administration costs and distribution expenses. Those can definitely not be cut more, but we are also looking into reducing our staff expenses, which have been in process over a longer period, and we are now expecting to see the final result of those in the coming quarter, meaning in Q3, 2023, 2024. While all these are very satisfying and we are very happy to finally see the result of all our effort, we are still closing the quarter with a credit of DKK 2 million. This credit of DKK 2 million has subsequently been reduced to the DKK 1.2 million, which align with the credit line that we currently have at Danske Bank. We are navigating our short-term liquidity with Svea, with our upfront payments from especially own-label, as also explained by Heidi. There are stricter requirements within payments terms, especially when we talk about own-label, compared to our CANNASEN brand. But these are the short-term facilities that we're working with when looking at the short term. We are also looking into what is called reverse factoring. We have factoring on our customers, meaning that when we invoice, we will get the payment immediately, but we are also looking into the possibilities of reverse factoring as one of the instruments to actually also navigate within the short term, but more about that. Long term, we are navigating still with RongShi, as explained earlier, but we are also looking into other funding solutions to secure our mid and long-term funding. I think that was. Yeah ... most of the areas I want to go through here, because I know there's many of the questions at the Stokk.io is also in relation to these financial highlights. So when we look at the strategic outlook, we have them kept up as the same as previously, even though that we decided not to change our financial year at the period from first of October to the end of September being a transition period. We have now decided to actually postpone this transition period to the end of 2024, due to us focusing on all these different areas that we have gone through in this quarter. So when that is said, we are still keeping our expectation and our outlook, transferring this from the calendar year 2024 to 2023, 2024, being the first of October 2023 to the end of September 2024. So we are still looking into a net sales, which is expected to end up at DKK 15 million in total. We will probably see a little setback in the revenue in this current quarter, due to us focusing mainly on securing the funding and navigating with all these kind of different instruments to also secure payment for the productions, which are quite extensive, given that we have to provide a bank facilities for between our products are put in production, the order from a customer, until the customer has paid the order. So that timeframe is quite extensive and quite liquidity demanding, and that's why we are looking into a lot of different solutions to actually handle this period. But until then, and until we have finalized and found a solid solution, it can mean that there will be a little setback in the increase in revenue in this current quarter, but we will, and we do expect to pick up of the revenue in the fourth quarter of 2023, 2024. The gross margin, still, we expect to, and focus on aiming, and aiming for a 60% gross margin. The order pipeline, we are looking into an increase in this current financial year as at a +20. We are looking into new markets. We are already in process in these markets, and there has also been provided press releases in this regard. We are in, in product registration, in many different areas. All of those are initiated by a pull effect from the market. As Heidi explains, we do not start new registrations or new markets if we do not have a customer in the other end. So all these registrations that are here listed is because of a customer requesting products in these areas. Again, we are focused on reducing the product time. This we aim to do, through the Indian subsidiary, as also explained by Lone. Clinical trials, we, when funding is secured, we will finalize the clinical trials that also is needed, to actually secure the MDR update. But we are in due time, and we are ahead of time with the MDR transition, so all is good. Yes, Heidi?... All in all, I think some of you saw there was a Q&A that we listed as well as the first time in our latest quarterly report. That will be something that we continue to do. It's questions we get either during investor pitch rounds or talking to investors or shareholders or anything like that, where we see it's an overall interest. So yeah, just very briefly, you can go through it. If you have any questions, you're more than welcome to contact us. There's very detailed answers to it in the quarterly report, so I won't spend the time here. If you have anything, I also see the questions coming in here on this platform. If there's something that keeps popping up, it's something that we can add, so it will come out consequently. So I think it's time for questions. We're- Perfect. On time. Thank you to, all of you. Let's jump directly into the questions, and the first question is: When do you expect to have liquidity and funding under control? Yeah, that's obviously me. So, and I think, also most of the question is related to my area. So in regard to my expectation to liquidity and funding under control, following earlier explanation regarding China and our alternative funding solutions and initiatives, we do expect to have funding and liquidity under control within this current quarter, meaning quarter three, 2023, 2024. The next question is: can you explain why your investor, RongShi, is not more eager to provide you with cash to run the business? And what happens with regards to the agreement that you need to grow substantially over a time period when you, at the moment, has no cash to grow with? Is this pushed or just bad luck for you? I would say, our investor, RongShi, definitely is eager to find solution. Hence, they also participate very recently in the meeting in Beijing, together with our board member, Invest in Denmark and Ministry of Foreign Affairs, to dig into different kind of solution to actually speed up the money transfer to support CS MEDICA. We are simultaneously looking into other solutions for the investment transfer, whereas in the current investment agreement is depending on 3-5 products being approved by the Chinese FDA. We are now looking into other solution in order to facilitate a quicker money transfer. So I think that covers also the last part, because we are looking into a total adjustment to secure quick money transfer. Getting cash to fund, first of all, operations and secondly, growth, seems like the most important job at the moment. So why has this been an issue for quite some time now, and how will you solve the issue? I think that those investors that also are involved in other companies at the growth stock exchanges know that it is a very complicated area to seek funding in in this current situation, and we have faced the same challenges as everybody else. We have been trying to navigate with all the different activities that also was explained by Heidi within the 4R strategy, with the 4R reframing, and also by the consolidation that we have been through this current financial year actually with success, reducing our loss this current quarter, and from DKK 3.5 to DKK 1.7 compared to last year. With that said, we are focusing, and it is of utmost importance for us, that we secure growth, but also the funding is the key to that. That is our main focus to fulfill the growth prospects that we are seeing in CS MEDICA. H1 has seen good growth so far this year. Do you expect to be able to produce, sell, and invoice your backlog, or do you need to find capital before this is possible? As mentioned earlier, we are looking into a little setback in the growth while we are focusing so much this quarter in finding solution on our financial situation, that being a money transfer from an investor, that could be RongShi or potential other investor. But also, we are looking into other financial instruments, being for example, reverse factoring, to reduce the time period that we need to facilitate a bank between the order from a customer until we get the payment from the customer. We are looking into a lot of different scenarios together with our bank, but also other solution with other stakeholders. When that is said, we are also looking into, again, to find different solutions with our investment partner, RongShi, while also looking for other, alternative solutions for funding and liquidity in mid-term and long term. I think I will jump a little bit in the questions, as a lot of them are around funding, and I think we have addressed the most of it so far. So the next question is about insider interest. The lack of insider interest at the moment, apparently you had the chance to buy last month, and you didn't since the last year, and you have told us investors what you would if you could. We all know that your sisters own a big stake of the company, but the rest of the coworkers and the new board members, et cetera, what about them? It is right that we have a very little timeframe where we actually was able to make insider purchases, but it was very limited time due to having new locks to close. As we are navigating with a lot of different funding solutions and financial instruments to handle the timeframe between our order and the payment from our customers. So yes, we had very limited time. We missed that possibility, but again, there are locks all the time, and when we have lock bound, then we cannot make insider purchases. And also up to quarter the report, it's the same, we cannot make insider purchases. When that is said, our management is partly also part of their payroll are facilitated by stocks. Instead of bonus, they are paid in stocks. In that way, they truly believe in the company, because if they had not had the expectation of us succeeding, they would have chosen to have bonus in payment instead of stocks. Then the next question here is, from what I could read in the report, administrative costs had been drastically reduced, over 70%. What has happened there, and why has this not been done before? What I could also see was that debt to suppliers had risen sharply. How long can this go on before suppliers say no, and who are these suppliers? Part of this question, obviously, I won't be able to elaborate- I can take that. You can take the last part, and I can take the overall reduction. Okay. Yeah. So the overall, it's reduction in administration cost takes time, obviously. But due to the increase in the debt to our creditors is partly because we are navigating with these different kind of solutions. And they are supporting us and believing in our company, hence they are supporting us to actually come through this challenging period with our funding being delayed from our investor. And you can support, Heidi. Yeah. What I can say in return, in regards to why we haven't reduced, we have actually reduced previously, as also communicated both in reports but also on, various webinars. But why we have reduced so drastically is due to the situation we're in. So the fact that it's not an optimal growth story, it's not how actually you create and scale a company, but it's in order for us to control. So that's what we have prioritized the last six months, it's to make sure that we are able to reverse the, the trend and, solve the whole going concern, which was also communicated, earlier by, Lone in beginning of this meeting. So all in all, yes, we have, we have reduced a lot, but also we have changed, as I mentioned, the way we work. So it means that instead of us going out and building a brand, which will give brand equity and value to the company, we have decided to shift 50/50 on own-label and brand. And that means that going into own-label, it releases a lot of costs for us going in that direction. It means there's no media, there's no trade spend, there is less in terms of artwork and design, and a lot of it's going in-house at the moment. Then what we actually do is that we convert it into knowledge, and we convert it into providing it to our partners. So right now, marketing as a service, just like compliance, is becoming a profit pool. So now we're able to actually go out and support and create both plans and use our skills and insights in order instead for us to have it as a cost. In terms of reducing also on staff costs, it would be great to just go out and have lots of salespeople, having both field but also key accounts, that can make sure that we can close more deals and we can increase on sales. But as it is right now, we have also made sure that the strategy, which is the B2B2C element, that it's about finding the right partners for us at this point, so we can share the cost, but also share how to go to market. So when we have, for example, Australia or another market where in MENA, we actually have a sponsor or a partner that can go into that market, so we don't do it ourselves. Again, also mentioned in terms of production, yes, we are, of course, seeing a big chunk for us the minute that we have to pay up front. We have changed payment scales, we have worked with integrated in the whole vertical integration in the value chain. As he was saying, we have really, really great partners. We are very, very thankful for, as it is, but it's also the way that we work with them. So it also means payment terms in that sense, but also payment terms towards our customers, how we split the the orders coming into invoices. So-... All in all has been a way to change, and it also means that that is why the cost reduction is reduced. But again, also it means that then we can't take off and scale. So that's why also that we need to have more funding in order to be more aggressive. But again, it's more important, as one of the questions said, it's getting control of operation, and then the growth comes, and that's the strategy. Then we only have time for one more question, so let's end with this question. So the company is worth under DKK 50 million now, and your valuation on the TO1 was well above DKK 100 million. What do you think investors' faith in your ability is going forward after losing over 50% of their savings during this time? Isn't Heidi the only person who has possibly had a positive development on her purchases? I think I will take that question. As Heidi said earlier- Yeah, I can, I can sponsor you on it. Yeah. But it would be partial answer. Yeah. Yeah, I will do a quick answer because actually, one this question is also elaborated and included partly in our quarterly report, in this new section that Heidi introduced, with our Q&A being included, those that are questions that we see in the market, which needs answers. So when we dig a little deeper into this one, I again, I would refer to this question and look through the answers, because actually, one what we see right now is that we have looked through the valuation of our current product portfolio. And when evaluating a product portfolio, how do you do that? And we looked into several reports at the U.S. market, see, looking into how to evaluate a medical device product, also including substance medical device products as ours. What they saw is based on Mergers and Acquisitions, subsidiaries and grants and so forth, medical devices was evaluated to a cost of averaging $25.5 million for only one product. We have nine products launched and several in pipelines. Even though that they are not introduced to the market, they are finalized, developed, and ready to market. And only one of our products would be bigger than the current market cap. So we see that we have not been able actually to communicate in a right way the value of our product portfolio and our products offering, which we now are looking into how we can optimize our communication and presentation in order for our investors and stakeholders to better understand the value of our company. And on top of that, we are alone on the market. Those companies that are not in process with a notified body at the 26 of May, meaning in three days, they are off the market. They cannot stay on the market, meaning that there will be a cleaning in the whole industry in these coming months and years before the MDR come into force at the end of 2028. In regards to my input, I would say that again, also, as you mentioned, Gitte, our part of our salary is also in shares. It's also for us to be in a company. This team had decided to stay and fight for a turnaround, for what we've done. I personally still very much in love with the products as I was two years ago. This is a fairly young company. I think Børsen just had an analysis on shares, and I think if you look at that, it's been really tough for companies going on the stock markets, especially the growth market, for the last two years. We're definitely in the bottom, but that is also because of the financial situation. But if you look at it in general, 80% of the, the shares also impacts the fact that it's not 100%, liquid or movable. But we are very, very thankful for the patience that we do experience, but also all the input and all the comments that we get from investors, or shareholders in order for us to navigate the best possible way. So personally, in that sense, I would say I don't have balls, but I think I do in some sense when it comes to keeping focus, and I'm still here. That ends the Q&A. Before we also end this webcast, I will just hand over the word for you if you have some final remarks to end with. I just want to say thank you for participating, and I think the takeaway from today is that we are seeing now a growth in our revenue. We have met a substantial number of registration globally, so we see quite a good interest in general and the pull effect from the market, which gives a very bright future. Thank you.