Thank you, operator. Good afternoon, everybody. On behalf of all Nanoformers, I would like to welcome you to our Q1 report presentation. For those of you who are watching and listening through the webcast can see the slides there. For those of you who have called in by phone, you can find the slides at nanoform.com and Investors and Presentations. From Nanoform today, we have our CEO, Edward Hæggström, CFO, Albert Hæggström, CBO, Gonçalo Andrade, CTO, Niklas Sandler, and Satu Lakio, our Director of Pharmaceutical Development. In brief, the agenda today is we're starting with some highlights for the year, a short introduction to Nanoform, a short recap of the business model. Satu will present the final clinical results from the UNICORN study. We have some commercial aspects, then Q1 results and business targets, both on the near term and medium term. In the end, we will conclude with the Q&A, for those of you who have called in can ask questions over the phone through the operator. For all others following the webcast, you're welcome to mail the questions to me. My mail is my initials hvh@nanoform.com. With these words, I'd like to introduce our Founder, Professor, CEO, Edward Hæggström. Thank you, Henri, and welcome also on my behalf. It's my great pleasure to present to you something which I would consider to be a very good Q1 for this year. A great start to 2021. I'm looking at slide number three. First of all, strong clinical results that Satu will be talking about. Basically, we showed utility in human biology. We also signed up four new clients and six new customer POC projects, and we signed three collaborations. These collaborations serve as a vehicle to advance our strategy to basically get more APIs in through the door and to get more API owners to work with us. Basically, these collaborations are with technology partners, and this means that we can together form a stronger value proposition to our API customers and prospects. We have expanded our commercial team in the U.S. and Europe, as you have seen and heard, Chris Worrall and Jamie Unwin have already been very active with us, and we are very happy with their performance. As you can see from here, STARMAP version 2.0 was launched. We raised capital for biologics nanoforming. We have commissioned new GMP lines. Albert will talk to you about the revenue growth and gross margins in his section, and then I'll also announce the midterm business targets. All in all, a strong Q1. Next slide, please. I'm now looking at slide number five. Nanoform, who are we? Basically, we're a listed company with headquarters in Finland. We have a significant institutional ownership. We have a manufacturing site here of approximately 3,000 sq meters. We are home to the CESS technology. We are a platform technology company, and basically, we have just this year generated the first human data that validates our proposition that nanoforming actually is important and can be useful to patients. On slide number six, you can see that we're approximately 100 people, a strong academic pedigree, and also a strong international flavor to our company. Slide number seven shows that we work in global pharma market that is growing in the industry. We also see that many of the assets are very, very big. If you divide 350 by 100, you see that the assets are on the order of EUR 3 billion. Significant market potential, and our mission is to try to improve the output of the industry. Slide number eight says that the pharma has a structural R&D problem. A lot of money is put into the R&D process and fairly few assets are coming out. You can also see from the left-hand side that the fraction of biologics is steadily increasing, and that's why we are happy to announce that we are nanoforming both on the small molecule and on the biologics side. A game changer is necessary and we propose that particle design, particle engineering can provide a solution to this structural problem that we're talking about. Slide number nine. The problem we address is the low bioavailability. It means that you have an active pharmaceutical ingredient that in principle is powerful, potent, but it is not dissolved in the bodily fluids and hence not taken up by the body. This is the biggest problem in the industry, and it's a problem that is growing, it is a problem to which Nanoform is trying to provide a good solution. The solution is called CESS, Controlled Expansion of Supercritical Solutions. Nanoform basically decreases the size of powder. You can think coarse sugar, we make it into fine sugar. By doing this we can give unsuccessful drug candidates second chance, we can improve existing drugs, we can hopefully also enable new drugs. This is really the three different profit pools that we dip in. Nanoform's technology is a technology that can make these nanoparticles, we have also shown that we can sometimes make them without solvent excipients and complex production processes. Satu will show you an example in human biology on the last one on this. To the left, you can see on slide number 11, a negative exponential. This really tells the story why it is important to nanoform. By nanoforming, you increase the specific surface area. This is a very straightforward physical way to improve the low bioavailability. By making small particles, you get more surface area. They dissolve easier in the bodily fluid. This means that you have more drug that is dissolved and that can be absorbed. Slide number 12, I will spend a little bit of time on this one. When you make this small particle, you increase the solubility. From that follows a cascade of good stuff. You can have increased bioavailability. This can allow new drugs to come into the market. It can also allow a reduced dose to be used, where you don't have to dose so much API to the patient. When you reduce less amounts of API, you can potentially have reduced side effects. When you create new entities or when you improve existing assets, you can get patent expansions for the customers and prospects. When you don't have to produce so much material, you get more taken up by the body, you get fewer waste problems, and you can have smaller factories. Reduced production costs and smaller factories translating to reduced CapEx requirement. When less material is consumed and processed, you will have a lower environmental impact, which is also good. On slide number 13, we have detailed a few of the nanoforming provided positive impacts to the biologicals, too. Basically, we claim that we can potentially improve the delivery route. We can increase the drug loading capacity in formulations, potentially. We can potentially also have tailored release profiles and improved uptake. We can potentially also enable new drug combinations, and most importantly, we can and maybe also implement lighter infrastructures. I use the word potentially here because we are now in the process of gathering evidence that we hopefully will be able to present to you in the future in the form of data. I move to slide number 14, STARMAP version 2. This here is an artificial intelligence, which is there to create predictions of which assets are amenable to nanoforming and also to create input to the nanoformers how to put the knobs on the machine. This here means a probability for a higher success rate in nanoforming and a potentially faster time from start to having the first nanoformed assets to show to our customers. I think that combining an AI in this way, relying on sparse data processing, it's really the way to go. There are 18,000 assets, which means that the big data approach will probably not be the smart one, and that's the reason why we have chosen this sparse AI approach. STARMAP 2.0 has already created significant interest among both our prospects and our existing clients. With this, I say thank you, hope you have enjoyed this first part, and I hand over to our CFO, Albert. Thank you, Edward. If we now go to page 16, there is a simplified value chain. You can see that we serve both global large pharma, mid-size pharma, specialty pharma, and biotechs. What they do is that they send their bulk API to us, we Nanoform it, we get paid for our work done, and then we ship back the Nanoformed API to the clients. We don't produce the original API, and we don't own the API, we just sort of make it smaller, the particles smaller. That also means that we don't carry the same sort of costs related to drug development and the same sort of risk related to drug development that API-owning companies do. Our revenue model, I will come back to on a couple of slides later. If we go to page 17, this is showing the industry numbers. When we have been talking about that the industry have a sort of a significant problem, here you can see to the right-hand side. If you take the green bars, you can see that if you have 100 APIs in preclinical phase, only two of them will go all the way to being approved and being on the market. If you have 100 biologicals, then four of them statistically will go all the way to the market. There is, however, a silver lining, and that is drugs that already have been approved, but where you do some change to its formulation or delivery route or something. It's called 505(b)(2) in the U.S., and there you have a much higher probability. Basically, you could say that one in five could go to the market. The reason, of course, for that is that lots of the studies have already been done. Because it's on the market already, you know that it works and it's not toxic and so forth. Therefore, by changing it, reformulating it, or changing the delivery route, the likelihood of success is higher. We want to work with both kind of projects, both 505(b)(2)s, but naturally also on new molecular entities. On the left-hand side here, you can see different kind of drivers that short-term impact our top line or P&L. If we go to page 18, we have used the traditional business model of the industry. We have a new technology, but we use the traditional business model of the industry, meaning that when we do non-GMP projects, we get a fixed fee per project, where the fixed fee is EUR 50,000 to EUR 500,000 per project. A project can take between, let's say, three to 12 months. Initially, now when we have new clients, we are doing the first projects for them, it usually takes a little bit longer than when we and the clients are more used to us and the nanoforming, they will start to be faster. After that, the successful ones will go to continue in the drug development pipeline and then move to clinical projects, and then Nanoform will then deliver material for the clinical phases. Here the fixed fee is for delivery of the material, here the fees are expected to be between half a million EUR up to EUR 10 million. This depends, of course, on whether it's a small, easy phase I or whether it's a very difficult, large global phase III trial. In a small phase I, you could have a couple of tens of healthy volunteers, in a really large phase III, you can have even thousands or up to 10,000 people in the trial. Finally, when the drugs are on the market, our business model goes for royalty or supply price per kilo that would be similar to the royalty rate. Here we have a very wide range between 1% and 20%. The idea here is we don't want to be greedy. We want to maximize the number of APIs we bring in, and therefore also maximize the number of API that goes all the way to the market, thereby helping lots of patients. It's not important for us to try to maximize any specific project or API. I say thank you, and Satu Lakio can continue with our interesting data. Thank you, Albert. I'm Satu Lakio, the Director of Pharmaceutical Development, and I have a PhD in pharmaceutics, and I've been working with academia, with different universities, and/or have several associate professorships. After working in academia, I also worked in pharma industry in several positions, for example, in AstraZeneca in Sweden and Orion Pharma in Finland, before joining Nanoform a bit more than two years ago. Next couple of slides, I'm happy to introduce the summary of the results from this clinical trial called UNICORN. Slide 20, please. Non-steroidal anti-inflammatory drug, piroxicam, was used in the study. The GMP-grade piroxicam was nanoformed, and then we also developed the immediate release tablet formulation at Nanoform. This drug product, so tablet in this case, manufacturing method was technology transferred to Quotient Sciences in U.K., and we also shipped the Nanoform GMP-grade piroxicam to their facility. Quotient manufactured the GMP-grade tablets and dosed them to the healthy volunteers. Quotient Sciences was chosen as our partner in this important study due to their excellent track record, and it's generally recognized in pharma industry that they are really professional. After conducting this study, we are happy also to confirm that. The primary aim of the study was to determine the pharmacokinetic properties as well as the safety of Nanoform piroxicam. Nanoform tablet was compared to Feldene, which is the originator product by Pfizer, and also with Brexidol, which is the beta-cyclodextrin coupled piroxicam by Chiesi. That one has a really fast drug release. We are happy to tell that the dosing and the study went as planned, and there was no issues, and all clinical objectives were met. Slide 21, please. The clinical trial results confirm Nanoform's value proposition that Nanoform material has faster dissolution rate and thus very rapid absorption also in vivo. In addition, by nanoforming, there is no need for complex excipients such as beta-cyclodextrins. Thus there's more room to drug itself in the dosage form, or the dosage form size can be smaller to aid the administration. It is also good to realize that Nanoform piroxicam was safe and well-tolerated, as there were no adverse effects reported. To slide 22. This slide represents the plasma PK parameters and showcases the very fast absorption, so the Tmax values. There's also indication that the variability in plasma levels are smaller with Nanoform tablets, which could lead then to more consistent patient response. As a summary, it can be stated that absorption of Nanoform material was really fast, and the Nanoform material showed excellent overall performance that we were really pleased about. I can proudly say that small is a powerful ingredient. Lastly, I want to mention that if you want to learn more about the study, please take the presentation by Quotient Sciences using the link provided on the slide, and also the presentation can be found on our webpage. Over to you, Gonçalo. Excellent, Satu. Thank you very much. For introducing this exciting data package as well. We are delighted to showcase the outcome and also demonstrate the value with UNICORN study. If we go to the next slide 23, I would like to briefly introduce you to our global commercial team. As stated in the Q1 report, we have been expanding also on that front. If you go to slide 24, perhaps I can take you through also the history of the buildup of our commercial team. First, we have Christian Jones, that joined Nanoform in October 2018. He joined us from Johnson Matthey and a distinguished career at other companies as well to lead the commercial activities. I joined in January 2019, two and a half years ago, more or less. I joined from the Hovione Group, a company specializing in solubility enhancement value proposition as well. After that, in June 2019, both myself and Christian, and also Britta together, were working together to bring in customers projects, and also support the commercial role at Nanoform. In 2020, we actually added two additional people because we felt that there was the need to expand into the U.S. We added in September both Eric Peterson that joined us from Hovione and Patheon, and also Sergey Letser that joined us from Porton and Johnson Matthey as well. As you can appreciate, one is located in the East Coast, the other one is located in basically Central U.S. In this quarter, we've added two additional team members that contribute significantly, not only to increase the global reach, namely Chris Worrall that is located in San Diego and will allow us to serve better our U.S. West Coast partners, but also Jamie Unwin that joined us from Janssen and GSK, for supporting us in the commercial insights and basically conducting the business intelligence activities that support the overall commercial team in identifying great opportunities and matches for where Nanoform can make a difference to our partners' portfolios and to expand the opportunities for us to support them and ultimately deliver value to patients as well. If you consider the broad span of the company's commercial team at this stage, we are in preparation for major successes in the coming months as well. If we go to the next slide 25, there is already a glimpse of what the overall power of this amazing team is going to be able to deliver. If you look at what Christian and I were able to bring during 2019, we brought in three customers. We brought in AstraZeneca, a U.S. major pharma, and U.K. biotech. In 2020, we brought in additional partners. We brought in two global major pharma companies. We brought in a West Coast U.S. biotech, a U.K. respiratory biotech, and Hovione as well. In 2021, in the first quarter only, we have already signed, as you've seen, Herantis Pharma, basically looking at the nasally delivered biologic program. We have added a East Coast U.S. biotech. We have added a maturity pharmaceutical company. Basically, we are looking at the ocular ophthalmology delivery routes for their API. We have added a European biotech, and we have also added three additional collaborations. We've added Aprecia with their ZipDose 3D printing technology. We've added Celanese Corporation with their modified release polymer offering. We've added today, notified today, a U.S.-listed metabolic pharmaceutical company. This is aligned with the overall strategy of the business in expanding the use cases, expanding the alternatives that we offer our partners in order to deliver value to patients and further enable more products to go into the clinic, and ultimately onto the market. In this regard, we feel that by combining our technology with these other technology companies, we can actually make one plus one not equal two, but actually three, and enable more benefits to the partners and also ultimately to the patient. I would leave it at that, I would leave the floor to Albert to take us through the Q1 milestones and financials. Albert? Thank you, Gonçalo. We can go to page 27. Here you can see that, as you have heard, we have been busy during the first part of the year, and we expect to continue to be busy during the coming months and years as well. If you go to page 28 and look at the financials, one thing I am very happy about is that one year ago when we did the IPO, and we said one of the targets for 2025 was to have a gross margin about 90%. We have now clearly seen that already with quite small amounts of revenue, we have a gross margin that's already very close to that. We have had 88% in the first quarter versus 68% in first quarter last year. We actually have had already a couple of months with above 90% gross margin. We feel very comfortable that our business model will deliver a high gross margin. If you look at the EBITDA, it improved a little bit, the same with the loss for the period, and the operating loss was flat compared to last year. If you look at the last sentence on the left, you can see that thanks to our investors, we have a very strong balance sheet. We had the EUR 94.8 million cash at balance, and we had EUR 4.8 million last year at the same time. If you look at the table to the right, we have now added three non-GMP lines in the quarter, meaning that we now have 11 non-GMP lines. We have said that was a target for the full year, we achieved it already in the first quarter. We have one GMP line, and there we plan to add two GMP lines during next year. The number of employees grew from 50 first quarter last year and 74 at the end of the year to 87 at the end of the quarter, and today we are closing in already on 100. Of course, as you have seen, we started six new projects in the first quarter, so we're really happy about that. If we go to page number 29, basically similar numbers as you saw on the previous slide. A little bit more details. Here you can see that we recognize the revenue from projects based on hours worked over the lifetime of the project. This means in plain English that there is some lag between when you start a project and when you start to recognize revenue. In the first quarter, we recognized revenue from 14 different projects and compared to six different projects in the first quarter last year. When you look at other operating expenses, no major drama there. The only thing, of course, I'm waiting for eagerly is when can the travel expenses start to go up a little bit because due to COVID, nobody's traveling. You can see that the consultant and professional fees have been coming down. This is also a thing we have as a sort of a strategy that when we grow, we want to be able to do more things internally. That means that we will rely less on external consultants. Next slide, please. If you go to slide 30. Here you can see on the left-hand side, per quarter, how many new projects we have started. It's interesting to see when you see that the trend over the last six quarters, there might be some COVID effects. We don't know. We never felt like there was a COVID effect. Let's see now in the coming quarters whether there is an industry trend that some quarters have higher numbers and some don't have, or whether it's stable and growing over the quarters. That we will see. Anyway, we're very happy about the fact that the total number of projects that we have started is growing quite nicely. We have already started 18 projects. If you look on the right-hand side on the targets for 2025, if we were to achieve at least 50 new API projects per year by 2025, that would mathematically, if you think of it linearly, roughly mean that by that time, we would have started more than 200 projects. That is, of course, very important for our strategy because as you remember, if only one in 50 go all the way, then it's very important that you get lots of projects in. Even if we get paid for GMP projects and so forth, the real upside is when we can start to help patients by having drugs on the market. Therefore, to get to a situation where we every year process more than new 50 APIs per year is very important for our strategy. On the line side, we have already now 11 non-GMP lines, and here the midterm business target is to have 15- 20 non-GMP lines by 2025. We are, of course, on very good track towards reaching that. If we go to page 31, we checked the box in a couple of near-term business targets. First biologics project and at least three non-GMP lines in 2021. Now we have two more to check during this year and next year, meaning also start the first GMP project and get at least 12 non-GMP projects in this year. As I said, add two GMP lines in 2022. The business targets for 2025, to get more than 50 new APIs in every year, have 25 lines, have a gross margin about 90%, having roughly 200 employees, and most importantly, being cash flow positive. These midterm business targets we will update in conjunction with the CMD next week, so stay tuned to that too. As a final slide, here we have a list of our institutional shareholders. We are, of course, very proud of this list. We are very glad also to see that during the first quarter, we have added a few interesting names to the list. Finally on page 34, a reminder that next Friday we will have our first capital market day. Unfortunately, it's going to be virtual because of the COVID, but please join us. We will have lots of interesting things to talk to you about. It will start at afternoon Helsinki time. There you can see the date. With that, I turn over to Henri and Q&A. Thank you. Thank you, Albert, and everybody else. Operator, back to you for questions from the teleconference. Thank you. If you wish to ask a question, please dial zero one on your telephone keypads now to enter the queue. Once your name is announced, you can ask your question. If you find your question is answered before it's your turn to speak, you can dial zero two to cancel. Our first question comes from the line of Christopher Uhde of SEB. Please go ahead. Your line is open. Hi there, everyone. I guess first I'd just like to say I enjoyed the postscript in your letter, Edward. Would this be CESS 3? Since it's a short question, I'll just move on to the next one right away. I noticed that in the text that you said that you look forward to accelerating revenue growth in the coming quarters. To me, accelerating means growing at a faster percentage rate. Is that what it means to you? Yes, I'm a physicist, and it's absolutely clear that the first derivative needs to be positive. I guess when it comes to the Proof of Concept studies, if I am not mistaken, you guys believe that you can ultimately get the turnover time to about two to three months per API, but that it has been four to six months during the past year. Can you give any flavor for how that is evolving at the moment? Would you say it is still about four to six months, or should we start to think a little bit more quickly? Okay. There are two parts to your question. First, how are we going to go from four to six to two to three? Right now, as you know, we are building, polishing, and serving at the same time, and that means that we work week to week to bring all this forward. At some point, the building will go down, and that means that we can divert resources to the polishing, which really means to speed up. The second part of the question is when, and I think that the correct answer is that every week. The follow-up question is, okay, when can you see the difference? I would say that we should be able to see a difference already on this year. As I said, Niklas, I, and Gonçalo, we are working continuously on getting this faster. There are many details to it, but all of them add up to the stated four to six goes to two to three. If I may add, you are very polite when you are talking about four to six months. As a CFO, I would call it more like 6 to 12 months, because if you look at it from a revenue recognition point of view, a project starts when the contract, the purchase order is signed, and then it is ended when the final report has been approved by the client. There is also quite a lot of time in there before you start to nanoform and after you have nanoform. Four to six months might be the actual work at the line, but we still have a situation where the line is sort of the line and the project is live, and if the client wants to do some additional work or something, you cannot give that line to another project in between. I think of it more like if we can go from 300 days to 200 days to 100 days in a project over the coming year, that would be. Think of it, every year you take a big step. Whether we can do it in one year, two year, three years, that's to be seen, but that's the way you could think about it. As Edward said, we are measuring it very clearly, and we want to make improvements all the time. Yeah. Christopher, I think this is an important distinction that some of the duration we can affect directly and some of the duration is really affected by the internal dynamics of our prospects and customers. I focus very much on the internal part, and Albert Hæggström then focuses on the totality the way he describes. There is no discrepancy in our answers, basically. No, sure. I understood that. Yeah. Okay. Just stop me if you think I should get back in the queue. I have more questions. I guess could we just briefly talk about the R&D cost trajectory? I guess it's been a little bit fluctuating. Should we expect it to continue to rise sort of at the average pace or? So- Albert, if you- Yeah, if I take that one. Remember that when we do the UNICORN study, that shows up in the R&D line. Okay. That impacts. I would say like this, that this should not be a campus, this should not be university. This is a business. We can, of course we can spend money on R&D, but that's not the main point. If you look at the last four, six quarters, it should not be sort of very much higher, at least, than the average during that period. Okay. All right. That's very helpful. Okay. When it comes to the gross margin, I guess just for clarification, should we expect this level or better going forward? Related to that, obviously I get that the gross margin should be going up, but why are COGS going down in absolute terms? Is that also because of the piroxicam trial? Looking especially at the 2019 comparison as well, where it was much higher back then. Albert. Clarification on that. Sure. Albert would like to. Excellent question. That's actually, there are two things that is going down from a cost point of view. One is that when we hire more people, we don't need to use so much outside consultants. That's a trend when we have more internal capabilities, we don't need so much external help. There are these virtual companies or very small companies, they need to use lots of external help. As we hire more people, we can do it internally. I find it for us, it's a very cost-efficient way to do it. Related to your gross margin, you can see the same trend there. When we started, we did not have a big QC lab. Now we have been adding capabilities for QC. For example, you will see it in our CMD. I can give a small snippet of information. We have invested in an extra XRPD line or machine. That is one of those that we have previously used that outsourced service. Now we have the capabilities to do it in-house. When we have invested in QC, we have been using less external cost. That is the reason why the gross margin has been going up, and materials cost have been going down. Therefore, we don't see any reason why the gross margin should be going sort of south. We don't see any reason why the gross margin in the biologic side shouldn't be on a very good level also. We are very comfortable with our guidance for more than 90% gross margin in the coming years. Okay. Well, that's terrific. You kind of touched upon my last question here, but just to confirm, in terms of the employee benefit, you've increased headcount, let's say, but the expense is flat. Is that something to do with consulting? Yeah. It's consulting, and it's also related to variable compensations. How we book them. Okay, great. If you want to have trends for the coming quarters, you should look at, let's say, the last two, three quarters. That gives quite a fair number on that. Also, remember to look at in the cash flow, you can see the The option programs. You calculate according to Black-Scholes, and then you calculate a theoretical cost from the option program. This is not a cash cost, and that is also impacting the employee costs. If you launch a program, it can impact the coming quarter quite a bit. Okay, great. Thanks very much. That's all from me. Take care. Thank you. Thank you. Our next question comes from the line of Christian Glennie at Stifel. Please go ahead. Your line is open. Hi, everybody. Thanks for taking the question. Christian Glennie from Stifel. Three, please. First one, taking in order. You made very nice progress so far this year, ticked off a number of milestones already. I guess I need to push you maybe for a bit more insight on one of the targets, obviously, to get through proof of process and into GMP for a customer project. Just wondering if you could maybe provide a bit more insight into how you're thinking about that for the rest of the year and your confidence in delivering that, what discussions are maybe going on there. Sure. I think it's clear that as we have stated, the important part is to get a POP contract and then as a continuation to that, get a GMP contract for this year. From my perspective, Christian Jones and his team are working hard on getting the POP project, whereas me and Christian Jones then look at the GMP projects. We are in negotiations already. I think that therefore the level of confidence is okay. It is also clear that going forward, whereas the POP is a logical step, the decisive cases are the GMP cases. In the negotiations that we're having now, it has also become clear that when you sell a proprietary technology for GMP, there are not so many such technologies in the industry, and that means that it's also a learning process on both sides of the table how to relate to that. It's very nice to have a strong commercial team that has sold the previous sort of dominant technology. We have to all remember that that technology was not proprietary. We are all sort of vanguards now. I think that briefly, we're working on both. We are making good progress and confidence is there. Okay, great. Thank you. Second question. I'm interested, you've signed up a number of small clients, more traditional clients in the 1st quarter. That's very encouraging again. On the collaboration side, just interested a bit more in terms of the drivers for that motivation. I understand that these are companies coming to you to try and help them to fix some of the problems they may be having or the services they can offer. Have they come about because of the snowball effect ultimately of the collaborations you have, maybe the clinical data? What could be the end game here? How does Nanoform get rewarded if they help to produce some nice projects for Celanese, for example? Okay. There are two parts to your question, if I got it right. One is what's the reward? The ultimate reward, I believe, is that together with the collaboration partner, we will be able to get an API company to go with us all the way to a royalty-bearing marketed product. That's really what we're doing and that's part of our strategy to create as many of those opportunities as we can. You asked me also why are we striking up these collaborations and what's the drivers for that? I think that the simple answer is these are not owning APIs, they're technology companies. Together by combining these technologies, we look for synergistic effects. Basically, for instance, if you have a printed thing and they can't do Nanoform particles because we're the only ones who can, then that basically means that a printed dosage form with nanoparticles is something which is unique. If we ask API, "Okay, so would you like to go for this, for instance, for a fast buccal response or something alike?" You have a very cute value proposition and basically you wave your magic wand, you make the collaboration partner's technology even stronger, and of course, together it means that there will be more API owners potentially who are interested in trying to reduce development risks to the market. If I may add to that. You can think of these collaborations, they also have, of course, some of them. I mean, Celanese is supplying lots of stuff in the pharma industry as a specialty chemicals company, big company. Also Aprecia, they have a drug on the market that's already 3D printed and so forth. The idea here is to together with these find applications where we together can help and bring our APIs all the way to the market. If that happens, probably that could be both a 505(b)(2) or a new molecular entity. In these cases, most likely, we would, together with the collaboration partner, not be the one that brings it all the way to the market, but we would probably license it out at some point to some big pharma or something like that. We have just started these collaborations, and let's see. The idea that these could be very broad, and they could be both on the 505(b)(2) and new molecular entity side. They could potentially be both on small molecules on the biologic side. The idea here that this gives us more APIs, more potential client relationships, and then we will jointly try to bring new stuff to the market. Okay. Thanks for that. That's very helpful. I don't know if this is maybe something you'll be looking at your CMD, or whether it's a fair question at this point given the data, you highlighted obviously the 25% industry success rate for preclinical through first in man phase I, and obviously, you haven't taken one of those all the way through yet. In terms of those 18 or so POCs that you've done so far, is there any you can say in terms of how you think you're tracking above that 25% at this point? Any way you could try and address that? If I may answer sort of as a number. Remember, we have started 18, but we have not finished 18. We have finished four projects. The number we have finished is quite small yet. We are, of course, talking to the clients, and these clients might be one that have several or one API. We will start to give you more details where we have bigger samples. We might give you something at the CMD, but at the moment, we are not sort of giving any numbers on that. Great. Okay. Thanks all. Thank you. Thank you. Our next question comes from the line of Lars Hansen of Danske Bank. Please go ahead. Your line is open. Yeah, thanks. Can I just ask about the study with the collaboration with Quotient? It seems like that Quotient seem pretty keen on presenting this data. Could you just give us a fair idea of how this collaboration will be, the follow-on effects from this collaboration? Both commercially in terms of what you think industry players will say about this argument around the second extreme. Also, of course, technically, what kind of products that you would see you would continue in terms of collaborating with Quotient now that you're done with an NSAID, but what kind of products you would consider to continue on? There were many questions in one. Let me see if I can address them, and then if I forget one or two, then maybe somebody can pick up. First of all, we have very much enjoyed the professionalism and efficiency of Quotient. They are considered to be a valuable blue-chip CRO, and everything we have seen has supported that. Interesting is also to recognize the fact that it was we who developed, we mean Satu, who developed the formulation that we tech transferred to them. Already at this point, we were able to teach them something. Of course, they were also able to teach us a lot of things, but I think this is important to underscore. Quotient is well renowned, and this has clearly helped us with the customer relation work that we have been doing. You asked about going forward, and to that, I would like to say that I very much look forward to working with Quotient again. I think that the fact that they wanted to sort of go out with our results, it speaks highly of what we have achieved together. I think it's also important to remember that for them, this was something they do for a living and have been doing for a long time. For us, this was our first clinical study, and I was immensely proud both by our sort of manufacturing team, but also Satu and her conglomerate here, to be able to pull through this thing at a level which made them confident enough to go out and speak about our results. Hopefully this answers at least part of your question. I also want to emphasize that it's now with the COVID sort of starting to potentially be a little bit behind us. If you think about it, this was done during the height of the COVID pandemic, and they certainly delivered. I think we have seen many clinical trials that have been postponed during the last year. This combo of Nanoform and Quotient delivered on time and delivered great results. I think that when you find partnerships like that, you should try to stick to them. I concur. I would add only one item that I think a lot of aspects that we didn't cover. From a commercial standpoint, we have had a number of partners that were tracking effectively the outcomes of the study. Now that we have had the closing of the clinical study report and we have introduced them to the outcome of the study, some of those discussions are resuming and progressing nicely as well. There may be an opportunity to build upon the outcome of the study and capitalize on the momentum that we've generated so far. That's something that we are also actively pursuing, and I think that it's very good momentum that we have also riding on the back of the demonstration of the clinical benefit. Okay. That's very helpful. Thanks, all of you. Thank you. Thank you. Thank you. As we have one further question in the queue, just to remind participants, if you do wish to ask a question, please dial zero one on your telephone keypad now. That question comes from the line of Max Herrmann of Stifel. Please go ahead. Your line is open. Hi, guys. Thanks very much for taking my questions. Just a couple of questions. Firstly, maybe to Gonçalo on the BD activity. Just wanted to understand whether there's been a change in incoming versus sort of your outreach activity in terms of now that you've obviously presented the clinical data, you've been public for now around one year, have you seen more incoming where people have maybe what they see as intractable problems and you've got the solution? Or is it still more outreach? That's the first question. The second question is just to get a little bit more clarity on the target for this year, following on from Christian Glennie's question about the one new GMP project. Do you mean assigning a partner that would be wanting their program to go through or completion of proof of process that then leads to using the GMP facility? Just trying to understand what that target is specifically. Thank you. Okay. Shall I start with the commercial outreach? We can follow up with the targets. Albert and Edward, you can take that one from me. In terms of the commercial outreach, not only are we seeing a lot of incoming traffic as well related to the clinical study and the fact that we have clinical data already, but also some of the past discussions that we have had that stalled due to either not having demonstrated the clinical benefit or not having already conducted a clinical study from our GMP facility, that some of those discussions that were waiting for that outcome, they have now resumed, and that's something that is also very important. On top of that, as you can appreciate, we've expanded our commercial team significantly, and they also brought in a lot of new relationships and also other sides of relationships across different organizations. What we are seeing is a multitude and a multiplication of contact points into also larger organizations, and we are seeing an increase of traction also from previous discussions as well. That's very positive. Even though we still have a lot of outbound contacts and reaching out to partners for basically showcasing what we can do for them, there has also been an increasing inflow of inbound traffic as well. That's also very positive. If I then comment on your question relating to what exactly the guidance means. For us, it's like if a client has a clinical campaign that they need the material in sometime, then of course, that's an important question, like when do they need the GMP material? For us, it's like if it's earlier, then we try to do it earlier. If it's a little bit later, then it's a little bit later. Of course, the most important thing is to sign the contract and get the material shipped when the client wants the material. Great. Thanks very much. That's very clear. Thank you. As there are no further questions in the queue at this time, I'll hand back to our speakers for the closing comments. Okay, excellent. This is Henri talking. On behalf of all Nanoformers, thank you to the audience and thank you for the questions, especially also including analysts. Next week, Friday, June 4th, we will have our first Capital Markets Day. That is on exactly one-year anniversary as a listed company. You are welcome to register for that event, and you can do it on our homepage under the Calendar section. With these words, we are complete for today. Thank you also to all managers at Nanoform presenting.