The portfolio company's management team will provide in-depth insights into the purpose, market demand, technical milestones to date, and growth strategy of the company. I will shortly hand over to the Chief Executive of Meatly, Owen Ensor, and Chief Scientific Officer, Helder Cruz, to run through the presentation. As a reminder, there will be a Q&A session at the end of the presentation, and if you would like to ask a question, please do so by writing in the Q&A section. I'm gonna hand over to you now, Owen. Perfect. Thank you for the opportunity to be here today, and thank you all for joining. We're very excited to give you an update and an overview of what we've been focused on. Yeah, let's jump in. We're gonna start with a bit of an introduction and background on Meatly and where we've been coming from, go through some of the commercial aspects, how we'll take you through the technical progress we've been making, and we'll wrap up with what's coming next. As a brief overview, I am Owen Ensor, the Chief Executive of Meatly. My experience is on the commercial side. I started off in consulting. I was at Bain & Company for a number of years, then I scaled an insect protein business, took that from scratch through to industrial scale. I've been focused on alternative proteins for the last five years, either advising companies, starting companies, or founding companies in this space. Helder? Good afternoon to all. I'm Helder Cruz, Chief Scientific Officer of Meatly. I have a background in chemistry and a master's in biotech. I did a PhD in biotechnology in pharma applications. Developed a biotherapeutic for tumor-targeted therapy sponsored by Merck. I've been also founding a couple of companies in that space in recombinant protein biotherapeutics and also cellular therapies, and this has been for a while. In 2019, I moved to cultivated meat. I went to Mosa Meat in Netherlands, working directly with Mark Post, well-known as pioneer in the cultivated meat space. In Mosa Meat, my team developed a few proprietary media for proliferation and differentiation. We patented a few of those. I think it's relevant to state that we cut the costs of the serum media like 90 times, 88 times to be more precise. I was appointed the future pilot plant director, so I was involved in the design of a future pilot plant for Mosa. After some time learning how to do and how to develop media and processing cultivated meat, I joined Meatly almost two years ago. Back to you. Perfect. Alongside Helder and I are a fantastic team of biologists, chemists, and engineers. We're a relatively small team of 10 now, based in our lab and office here in West London. Alongside that team we have an incredibly experienced and knowledgeable board, which includes Jim Mellon, obviously the founder of Agronomics. He's Chair of our board. Lucy Williams from Pets at Home, who's one of our investors, and Henry Dimbleby, who's one of the leading food policy advisors and experts in the U.K. at the moment. That's the board alongside Helder and I. That's who we are. Now onto what we're doing and why. We are creating cultivated meat for pet food. I'm assuming everyone is familiar with cultivated meat, but you may not be as familiar with why we're focused on pet food. Particularly in the U.K. and globally, we have become a nation of pet lovers, even more so during the pandemic. Pet food sales are booming. What many people don't know is that while human meat consumption has been the center of news, with the average U.K. citizen eating around 50 kg of meat per year, our dogs, and particularly in this example a Labrador, eats more meat than a human. By about 50%. The average U.K. Labrador is eating 75 kg of meat per year. There's a significant sustainability challenge around pet food as well. There's a very tangible and exciting impact story within pet food, and there's a few other reasons why we focus on pet food as well. Firstly, it is a huge, booming market. I'm sure many of you are familiar with the results and impressive sales growth that's existed within pet food. Globally it is predicted to be GBP 120 billion by 2026. That is being fueled by this kind of fanatical consumer base who just want the best for their pet. Within cultivated pet food, we have very limited competition. There's three companies globally focused on cultivated pet food, and we'll come to the competitive landscape later. Secondly, there's a burning consumer need for alternative proteins, and this is driven by a few factors. Firstly, pet food is booming and meat production is not, and so pet food manufacturers are desperate to find alternatives to include in their pet food. They've tried plant-based ingredients and diets, and they've tried insect-based ingredients, and those aren't fulfilling the consumer desire to feed their pets meat. Meanwhile, you have this other pressure of consumers wanting to make more sustainable choices but worried about providing the nutrition needed for their pets. Cultivated meat is the solution to these issues. We are able to consistently produce and supply product which is safe and nutritious. It is sustainable and ethical. External robust research shows cultivated pet food is likely to be the starting point with a higher consumer acceptance rate than cultivated human food. Those are two very exciting reasons that we focus on cultivated pet food. Finally, and kind of particularly exciting for both of us, is that we can rapidly commercialize in cultivated pet food. This is because the regulation is more straightforward. There is no Novel Food regulation in pet food. Because product never enters the human food chain, it is kind of lower touch regulatory input. Secondly, from a technical perspective, we don't need to scaffold and differentiate our ingredient. These are basically complex, expensive processes that need to be conducted if you want it to look exactly like a piece of bacon or a chicken breast, versus, as we know, pets don't care too much what it looks like, but care more what it smells like, tastes like, and it has the nutrients that are provided. We're able to simplify our process and rapidly commercialize. That's why we focus on pet food. To give you a little bit of the backstory of where we've come from. As Helder said, he joined in March 2022. 2022. We commissioned our lab that summer. Now coming up for kind of two years. This is Helder and I on day one in the lab, so an empty lab and no team. Across that kind of September, October, we tested different cell lines. We raised initial funding, primarily from Agronomics. That was GBP 1.5 million, and we received our initial authorization to sell from the FSA. Later that year, kind of November, December, we developed serum-free media. We took out the most unethical and expensive components of the liquid that we're growing these cells in, and we hired our core team. As mentioned, that's now gonna be 10 people as of Monday. They are incredibly driven and passionate group who are making this a reality. Last year was a very exciting year with lots of developments. In the first couple of months, we developed animal component-free media. This means aside from that initial vial of cells that we get, we never involve another animal ever again in our production. It's a huge step forward in terms of the ethics of our product, but also the cost of it. Helder will talk a bit more on the fantastic and very exciting cost reduction that we've been able to achieve so far. Moving into kind of the middle of last year, we raised another GBP 2 million. It's kind of second tranche of our seed round. Pets at Home invested. Again, I'm sure most of the U.K. attendees are familiar with Pets at Home. They're the largest pet retailer in the U.K. They have about 450 stores across the country. Made over GBP 1 billion in revenue last year. A huge player in the UK pet food and pet industry, and they're so excited about cultivated meat and the potential here that they chose to invest in Meatly last year. We also adapted ourselves to suspension. Now, this is a very important step, which means we can basically go up in scale. We scaled our production to 50 L bioreactors, which just means we can produce far more product. Towards the end of last year, we scaled that out, so we can now run up to 8 L bioreactors simultaneously. Here you can see them running in our lab just next door. We submitted our final regulatory approval. We are aiming to sell product imminently in the U.K. market. That's a little bit of a whirlwind tour of the history of Meatly. In terms of the commercials, I'm just going to go into a bit more detail on this. As I mentioned, the kind of competitive landscape is, yeah, very open. We're playing in a lot of white space in an incredibly large market, so it's very exciting. Within kind of cultivated meat, there are two other players, who are both based in Europe, but I think we are progressing faster than both of those and have shown very strong kind of technical progress. Then there are a lot of plant-based companies. There's no one who's focused on cultivated meat in the U.K., and who's been able to show the kind of commercialization that we have. In terms of other cultivated meat companies coming into pet food, you know, we have designed all of our processes and all of our ingredients that we're creating for pet specifically. This means that it has customized nutrition, it has specifically designed processes, and I think it'll be challenging for other companies to come into the cultivated pet food space. We feel very strong about our current position in this market. Again, it is a huge market. It can absorb numerous players, but we are very excited to be at the forefront of that industry. We are going to sell B2B. You know, our expertise and our specialty is in how to create and grow sales as efficiently as possible. We'll sell to established branded players who are very experienced and knowledgeable in promoting and selling pet food. With that strategy, we will aim to release products in the coming months. As mentioned, we're working on final regulatory authorization now. That is with Defra, the U.K.'s agriculture department. Yeah, we're expecting kind of final authorization from them very soon. We already have authorization from the Food Standards Agency. I've fed my cats, we've fed some of Jim's dogs recently, as well as one of my colleague's dogs. We have some great content of our pets eating it, which we'll see on the next slide. In terms of kind of actual product launch, we have launch partners identified. We'll start producing product with them, so the end pet food product in the coming weeks. Pets at Home are very keen to distribute this for us. It will likely be sold in a Pets at Home store. Alongside those imminent opportunities, we have already signed an R&D agreement with a large pet food manufacturer in North America, and are hoping to sign another agreement with a potential player in Europe. We have very strong commercial traction, and it is difficult to underestimate the level of enthusiasm and excitement from pet food manufacturers around cultivated meat. Not only is this more sustainable and ethical, it is a consistent supply chain, and it is free from potential contaminants. We do a lot of robust testing. You know, we can guarantee there's no Salmonella and E. coli and other things that can affect the pet food supply chain. There's a lot of excitement around that from pet food manufacturers. I mentioned we've fed cats and dogs. Here's some still images for those interested. Drop me a line, and I will send you the links. Yeah, that's been shown to be very palatable for cats and dogs. Helder and I have also tasted it ourselves. It tastes great, just like chicken. We're very excited to imminently, in the next few weeks, get this out of the lab and into more pet bowls as soon as possible. That's, yeah, on the kind of product side. In terms of regulatory, I've mentioned the UK regulatory environment. The next market we'll focus on is Canada. Canada has very light pet food regulation. We've been advised we could launch there imminently. The U.S. will take a little bit longer, so probably a year or two. 40% of pet food globally is sold in the U.S., so it is a key target market. We'll launch in Canada, test and iterate our product and our marketing there while we wait for U.S. approval. We'll kick off that U.S. process very soon, and then enter seamlessly once we have final approval. That's the overview on the commercial side. I will pass over to Helder to take you through some of the very exciting technical progress that him and the team have been working on over the last 18 months. Yeah. Thank you, Owen. You mentioned already the most of our achievements, but there are three critical pillars to succeed in our endeavor, which are the cells, the culture media, and the bioprocess used. On the cells, we licensed a spontaneously immortalized chicken cell line from a reputable source. Why immortalized cell lines? Because we need to go industrial, we need around 50-60 doublings, and only immortalized cell lines can support that. Primary cells typically stop growing, like, 20-30 doublings. Not good enough to go industrial, maybe good enough in the short term. These cells are very robust. They have a very safe track record. They have been used in biopharma for over 20 years. There's, like, over 20 references about these cells. They are very well characterized, and we know they are safe. They are also very robust in terms of industrialization. These are the ideal cell line for us to start with and continue this journey. Although this is true, we licensed from a third party, and we would like to have the option of deriving internally in-house our cell line. We are doing that work internally. There's nothing wrong with the cell line that we licensed, and we are very happy with the robustness and the resistance of these cells to the changes we are imposing in the processes, also in the media. Moving to the culture medium, which is another very important pillar, and this is quite important in terms of cost. It is, in the initial phases, the most important cost factor in the production of cultivated meat. In here, we develop our own formulation in-house. We have a panel of starting basal media, and we know the supplements and so on. We developed, as Owen was mentioning, late 2022, our own formulation, and that we keep as a trade secret. This formulation is not only valuable because it supports growth of cells when they grow in attachment in static cultures, but also, and more importantly, because it also supports the growth of cells in suspension. Having cells in suspension is very important because, as you know, we need to scale in bioreactors and move to larger and larger vessels. We need to have the cells in suspension. Now we have two options, using microcarriers, which is like, you know, most often the option considered. That has limitations in the scale, and also in cost and safety, so we went for, like, single cell adaptation. We have the cells adapted to suspension in this medium. Of course, we did reduce, as I will show you, very significantly the cost already of the medium, but we need to continue that effort while we scale. The third pillar is the bioprocess, which is the way we culture the cells in vitro. One very relevant aspect is turning from static into suspension, and then scaling. Usually this is done in small vessels in the beginning, and then we need to scale, so from 0.5 L to 3 L to 50 L. We achieved that during last year, and we are now having a capacity of 8x 50 L bioreactors, so 400 L in total. Each of the bioreactors is now 50 L, which is quite, I think if we compare, quite good, if you compare with others, and given the resources and the time we had available to achieve this. We are currently doing this in a very robust manner, so it takes, of course, a couple of months for us to create enough knowledge and data to be comfortable in making these statements. It's quite robust now to be comfortable to state this. It's really working well at 50 L scale. Now are we happy with that? No. In the next phase we need to scale up, initially to 200 L and then to 2,000 L bioreactors. Achieving this would be very, very important because it will in terms of economics and also the potential to scale further, it's very important to reach this scale of 2,000 L. While doing this, we will need to still increase the yield, so we propose to optimize the cell metabolism because it's not very efficient when cells are grown in vitro. We have lots of room for increasing the yields. Also to reduce CapEx because we are using bioreactors and production equipment that comes from biopharma that produces very high added value products. Cultivated meat, in order to be cost-effective, needs also to tackle this challenge of the CapEx, of the very expensive equipment, and we are addressing that. We are just starting on testing novel materials and also simplifying all the ancillary and all the peripherals that are around a bioreactor for it to be operating. Now I think this is quite interesting because we did this in, like, just over a year. We did achieve a very significant cost reduction, and this slide is not totally updated. I will give you an update. Basically the medium, as I said, is, and Owen also mentioned, free of any animal component, so no serum of course, but no, also no other proteins derived from animals. We are, as I said, at the 50 L scale. We are not using hormones, steroids, microcarriers, as I mentioned. We also replaced very expensive components, such as some proteins. I just stress the growth factors are usually, even if recombinant, they are very expensive, and we succeeded in replacing all growth factors, so our formulation is growth factor free. Another aspect about safety, and environmentally I think it's also relevant to say, our process is entirely from end to end antibiotic free, so no antibiotics are used. Our ingredients are food safe. They are not yet all food grade, but we are doing that transition. No compounds that are used, like in R&D, even early phases to promote, for example, growth or to avoid cell differentiation, because if they differentiate they no longer grow. It's all those compounds are never in our formulation at any time. We can conclude that our medium is suitable for industrialization for a food product. Together with this quality and performance aspects, it's very important to have a cost-effective medium. As you see in the right-hand side graph, we started with the level that usually is, like, high hundreds per liter of cost per liter of medium. We could, by replacing, reducing, eliminating some compounds that are expensive, we could cut the costs to now it's around GBP 1 per liter, which is, I think, unique. There's room as we scale to further cost for a further cost reduction. This is a photo that, yeah, I think it's impactful because it shows you that we already produced 5 kg of product in our current facilities. You see the bioreactors in the background. Each of these containers have somewhere between 200 grams, 500 grams of product, so it's quite. We are quite happy that we have been achieving this. I think cultivated meat needs this kind of proof that we can not only have the facilities, but actually deliver the product. As I mentioned, just a brief go through the bullet points. Our cells are close to single-cell suspension, no microcarriers. We reach 50 L bioreactor scale. We have eight of those running in parallel. We are running them as repeated batches, so we just harvest part of the volume and leave some volume when we add fresh medium. We have another run and another run because we were really interested in producing enough material for testing and also for doing our feeding trials. This was the initial operating mode repeated batch, not yet highly sophisticated, but good enough. Each run takes up to a week. As I mentioned, we are now able to produce up to 5 kg per month with an investment in equipment that is not like huge if you compare with other companies. We were less than GBP 500,000 for all the equipment we have in the lab. I think this is quite positive and also shows that we can do this cost-effectively. I mean, the most important point is the last one. We are on track to release the first cultivated pet food product in the market very soon. This is my last slide on the technical aspects. This is great, the journey until now, but we need to do much more, of course. In the next 2.5 years with our Series A, we intend to scale to 2,000 L bioreactors. We will continue cost reduction by moving the components of the medium into food grade. We will also benefit from economies of scale when, instead of ordering kgs, we will order tons. We will do some tests to know the limits for scaling up. Some people say it's 20,000 L, 30,000 L, 50,000 L bioreactors. We don't know, so we will study relevant parameters that the cells need to undergo and see the limits for the cell survival and growth. We will intend to then be able to produce up to 100 kg per month and of course, using the 2,000 L capacity that we envisage to reach by Series A, the next phase. We will, by knowing the maximum capacity possible, imagine 10,000 L, 20,000 L bioreactors, we will then create in the following step the first industrial production line, do our efforts in decreasing the cost of bioreactors. I mentioned like having the minimum peripheral equipment like valves, pumps, et cetera. Investing also in novel materials for the bioreactors and show that we can consistently produce and then sell product in an industrial scale. We are talking about much higher scales, up to 7 tons using 20,000 L bioreactors. By doing this, we will be able to potentially license the technology. Then the last step that we may do it or not will be to create a real industrial facility which will be scaling out these industrial production lines enough to produce meaningful quantities to supply the market. Our estimate's like 160 tons using total capacity of 300,000 L that could be like in 20,000 L bioreactors or any other scale that we will define. This is so the next steps our ambition in terms of technical scaling up and reaching industrial scale. Back to you, Owen. Perfect. Thank you, Helder. Just a final word from me to kind of build on Helder's points. I think one of the aspects around cultivated meat is, you know, how long it might take to commercialize and the amount of capital needed. What we're very excited about is to have continually hit these milestones and prove that we can rapidly bring this to market. You know, we have our proprietary media formulations. We've scaled our process. We're on track to get regulatory approval and release product all on our seed funding, which, as we mentioned, is GBP 3.5 million. You can see how that compares to some competitors in the industry. We will continually prove that we can do this in a fast, efficient, low capital manner, as we have done so far and will continue through those phases that Helder described of our Series A, B, and C as we continue to make this a reality, both in pet food, but also more broadly for the cultivated meat industry. Let us pause there, having given you a lot of information, a lot of detail on what we're doing here at Meatly. If anyone does want more information, feel free to drop me a line at owen@meatly.pet. Otherwise, very happy to jump into Q&As. Thanks, Owen. Thanks, Helder. Yeah. We've got some questions coming already. The first one, how does your media enable significant cost reduction? I think, kind of Helder covered that in some detail. To some extent. Yeah. Yeah, we've dramatically reduced the cost of that from what is typically off the shelf in biopharma from kind of GBP 500-GBP 700 per liter. We're at one at the moment. You know, we're never happy and always striving for more progress and so we will bring that down further. You know, that's still operating at the scale we are, which is minuscule compared to our ambitions. We're very excited to continue that journey and bring the media cost down further. There's a related question: How do the economics of cultivated meat make sense, when there are alternative proteins such as insect protein that are close to the price parity with beef, lamb, duck, et cetera? Yeah. I mean, well, we are aware of that, and the economics of cultivated meat have like, again, these very important pillars. Like, the first one is the media cost, and I think we by reducing like 700x now, I think we progressed a lot on that. Then there's the equipment costs and because of the depreciation, and we are now addressing that by, as I mentioned, simplifying the equipment as much as we can and also move away from biopharma prices. The third pillar is about, like, the people and the facilities in general. Like, we don't need. For now people are being, I think, too demanding in, like, the quality of the air and so on and so forth. This is not to produce injectables, we have to realize. We don't need, like, the aesthetic environment that some companies opted to have their production facilities. On the environmental, because the cost of the air treatment is one of the major operating costs, and also then on some automation to kind of reduce labor costs. If we work on these three pillars, I think we can solve it, and we are convinced that we can solve it because our model shows that. Cost of the medium is almost done. For the bioreactors, we are just starting, but we have several avenues to explore. The automation and the facilities, the environment and so on, we are also considering that for a later phase. This is possible to reach price parity, and later on profitability, in cultivated meat. I think just to build on Helder's point, broadly, I don't think we've scratched the surface of what is possible with cultivated meat in terms of, yeah, production and, cost reduction, and we're incredibly excited to keep showing that. Even in our kind of worst-case scenario, we're still hitting very good cost parameters and only increasingly excited about how much we can reduce this. To touch on kinda insect-based and plant-based, I mentioned this in the presentation but, you know, a lot of companies that we've spoken to have tried out those ingredients and those diets, and they're not seeing the consumer adoption that they would want. Cultivated meat truly is seen as an unlock for this industry for mass adoption of, you know, non-meat diets in pet food. I would mention that the meat used in pet food is usually perceived as, like, low quality, but there's, like, premium pet food. That meat is of high quality and is even competing with the human, yeah- Yeah. Food chain. ... food chain. It's like that does not mean that our ambition is not to be in price parity with the more affordable meat used in pet food. Thanks. Have you carried out independently verified blind taste tests with pets? We are about to do full tasting trials with pets. Very excited to do that. You know, every indication we have is that the palatability will be increased. This tastes like chicken, it smells like chicken. It is from a chicken, so it will have chicken qualities. We will, we'll do those full palatability tests very soon. What are the challenges to scale up to a 200 L batches? Sorry. Scaling up is always challenging. I don't want to give the impression that this is easy. We reach already 50 L, so we don't anticipate, like, you know, impossible challenges scaling to 200 L. To 2,000 L is a bit more challenging, but I have to say this is all about, like, productivities and yields. We will make it work, and then it will take longer is, like, to achieve the grams or kilograms of biomass that we intend out of that volume of medium that has a certain cost. I don't think it's highly challenging. It's more, like, if we can optimize what we can get so the yields we can get, and later on the productivities, which is yields per time. I'm not saying again this is trivial, but yeah. 200 L is fine, 2,000 L may take a bit longer. It's all about, like, if we are happy with the yields we get. Thank you. How much variance is there in the quality of the end product at the current scale of 50 L batches? Yes. When we stated that we have a very robust system for now, it's because we built a lot of knowledge on operating this bioreactors at this scale. In the very beginning, there's variability. In biological systems there's always variability, but I can tell you that now the growth curves are almost like overlapping. Yeah, I, without going into details on quantifying, it's quite acceptable variance. I mean, very reduced. Quite happy, quite robust. It takes time, of course, to get this comfort level. Yeah. Another question is, what are the key hurdles for commercialization in the next two years? Yeah. I think maybe we take that with one of the later questions around kind of how are we driving cost reduction from this point onwards. As Helder said, there are three pillars that you think about in cell culturing. There are the cells, the media, and the bioprocess. So far we have you know got a great cell line. We have done great work on media cost reduction. We will continue to bring that down, but the kind of core formulation is identified now. The next step is around this bioprocess, and that is where we are really focusing on yields. How many grams of chicken do you get per liter of media you are using? That is a key indicator of productivity and your process efficiency. That will be a key focus for us as we commercialize. Then as Helder says, bringing down the cost of the equipment that we're using, which is expensive, bloated, off-the-shelf biopharma equipment and not reasonable to use in food production or efficient to use in food production. Those become our core focuses, and as ever, in any company, it's about continuing to solve the next problem and the problem after that. We've shown we can do that very effectively, and so very excited to continue doing that going forward. Thanks. We've got a question, where are facilities expected to be located, and how will you manage energy intensity? Currently our facilities are in London. We'll probably keep an R&D hub here given the access to talent, which we've been able to do so far. We will have facilities. I mean, ideally we'll locate these as close to large pet food manufacturing as possible so that there's reduced transport costs and we can have long-term agreements with those manufacturers. That will probably dictate the location of our large manufacturing facilities. On energy intensity, that is something obviously that's top of mind and we will reduce continually and ensure that we're using green energy sources to be as sustainable as possible. Thanks, Owen. If you're producing 160 tons a month in 2030, is this still a minuscule part of the whole U.K. market for pet food? It is a modest amount of the U.K. market, that is true. The reason we focus on 160 tons per month is based on our current projections, that is when we can have an EBIT-positive facility. You know, that obviously unlocks a much faster rollout and we can debt finance from that point onwards. That is why it's such a significant milestone for us. While 160 tons a month will feed a lot of animals, it won't feed the entire U.K., but that becomes the tipping point at which we can scale and roll out far more rapidly than we have done to date. Thanks. I think this is the final question. Is the feedstock now fully vegan? Impressive price drop. I'll give you that one. The vegan question is an interesting one. We are staying away from vegan and vegetarian labels because not many of the U.K. population are actually vegan or vegetarian, sadly. You know, we want this to be a replacement for meat, but we want people to see this as meat. You know, I am vegan. I would say this, our ingredient and product adheres to vegan ethics. That first vial of cells that we get are taken from a chicken egg. That egg is no longer viable, so to some vegans that may be crossing a boundary, but given 50 billion chickens a year are slaughtered and we're only ever using one egg, I see that as a trade-off that I'm comfortable with. You know, we would see it as vegan, but we'll probably stay away from labeling it as such because we just want this to be cultivated chicken and a total replacement for chicken that you have in your diet already. If we would take the cells out, e verything else we could say yeah. Yeah. The rest of the process is entirely vegan. Right. Well, I don't think there are any more questions. I don't know if you had any sort of parting comments or any final words you wanted to make? No. Yeah. Thank you all for taking the time. Yeah, very excited to share this update with you and I think, you know, we've been able to make rapid progress, and I think both of us and the team are only more convinced and more excited about the potential that we have here at Meatly and of the cultivated meat industry. If anyone wants any more details or to discuss further, don't hesitate to drop me a line at owen@meatly.pet. I'm very happy to set up a call or discuss further. Yeah. Thank you for giving us the opportunity to share our work. Yeah. Thanks, all. Thanks for attending today. Thanks, Owen. Thanks, Helder. Thanks. Perfect. Thank you all. Bye. Cheers.