Good afternoon, and welcome to the Arix Bioscience plc investor presentation. Throughout this recorded presentation, investors will be in listen-only mode. Questions are encouraged and can be submitted at any time using the Q&A tab situated on the right-hand corner of your screen. Simply type in your questions and press Send. The company may not be in a position to answer every question received during the meeting itself. However, the company will review all questions submitted today and publish responses where appropriate to do so. Before we begin, I would like to submit the following poll, and I would now like to hand you over to CEO, Robert Lyne. Good afternoon to you. Many thanks, Alex, and good afternoon to everyone. Thank you for joining today. So we have here, I hope you can see the presentation for our interim results for the six months ended thirtieth of June, 2023. Just to run through as to the running order this afternoon that we can take you through. We're gonna have an update on the strategic review, which we announced in July this year. We're also going to have then our financial results for the first half of the year presented. Tassos, who's kindly joined us today, is going to provide an update on our portfolio, both in terms of recent milestones and progress, and also on outlook. And then we're going to move to a summary and then a Q&A session. On our strategic review, as you may well be aware, we announced in July 2023 that we were gonna conduct a strategic review of the business. This was going to have a range of options that we're gonna consider, as well as continuing with our existing strategy. We were going to look at our investment realization strategies, capital allocation, shareholder returns, and the potential tax efficient wind down of the company. A great deal of work has been taking place on this since July. A special committee of the board has been formed of myself, our chairman, Peregrine Moncreiffe, and our independent non-executive directors, Debra Barker and Andrew Smith. The four of us, together with advisors, have been working at a pace in order to try and progress and conclude this strategic review. We had been hoping that we would be able to have a further update today. However, we are in active discussions on a number of options, and at this stage, we aren't able, I'm afraid, to provide any further guidance as to the outcome of that, but that is something we really are working at pace to deliver as soon as we can. Just as a reminder, some of the context to the strategic review that we engaged on was an engagement with certain key shareholders and views we have there, as well as the prevailing market conditions, where we have seen a sustained discount, obviously, on our share price to NAV, which has been, I know, frustration for shareholders and for the board and management as well. Those are the conditions that led us in the summer to decide that now is the time to launch a strategic review and to consider new ways forward for business. So just as a recap, I'm the CEO here at Arix. I've been with the company just over six years. We have Peregrine Moncreiffe as our chairman, and then a board with Debra and Andrew, who are on the special committee, helping with the work on the strategic review, together with Maureen O'Connell and Isaac Kohlberg, who are nominated by our largest shareholder. We also, within the team, have a very highly experienced and qualified investment team, led by Tassos, who's joining us today. Tassos joined Arix in the summer, and has a great deal of experience in terms of leading and executing VC investments in the biotech space. He's ably supported by Felix, who's been with Arix for nearly 3 years now, and also by Roderick, who, again, joined us this year and has very relevant experience as a medical doctor, but also with his city experience as an equity analyst at UBS. Operationally, we are supported by Tom Davidson, who leads our finance function as our finance director, and also Laura Craig, who heads up our IR service. So moving on to the financial numbers themselves, we had an improvement in the NAV over the year, so there was a tick-up in the NAV per share to GBP 1.85. That was up from GBP 1.75 at year-end. We're pleased with that performance. It has dipped a little bit to GBP 1.82, which is our latest estimated NAV per share as of August. But, in the context of challenging market conditions, where we've seen an XBI, which is our nearest benchmark index, close flat or slightly down over those periods, we're pleased to have seen a progression in the NAV over that time. Significant changes in terms of the portfolio. There has been new investment into the listed and unlisted portfolio, as you can see there. GBP 16.8 million has gone into the new listed portfolio, and also there's GBP 13.5 million has gone into unlisted investments. The principal new only listed investment that we made during the year was Evommune, which we added to the portfolio. That was a significant new investment for us to help broaden out the portfolio. Alongside that, we also had further support to existing portfolio company, Harpoon Therapeutics, through their private placement of preferred shares. And also, we continued to support Sereso, which is a company that joined our portfolio within the last couple of years. They successfully initiated clinical trials for acceptance to begin clinical trials for one of their programs, and that enabled us to release the second chance drawdown of the Series A funding. As you'll see, there's been a significant increase in the value of the listed portfolio for the period, as well as new investment that was largely driven by a GBP 18 million upwards revaluation of our listed holdings, not accounting for FX and investments and realizations. That revaluation was principally driven by a GBP 12.7 million uplift in the holding of Disc Medicine. Disc Medicine is one of our most exciting investments. We made the private investment there just about two years ago now, and they successfully reverse listed onto at the start of this year, and they've been very well supported. So that's a business that we've seen, even in tricky market conditions, has traded well and been well received by investors in the United States. Another point that's actually quite relevant for Disc and many of the other companies in the portfolio is to emphasize that they're well-funded. At a time when public market and indeed, to some extent, private market funding, funding for biotechs is still challenging, it's important for us to see that actually, these companies are well supported with capital reserves that will enable them to progress their clinical trials through important value inflection points, without the need to return to the markets and be distracted or restricted by funding requirements. So when we look at this medicine, they've now raised over $220 million, giving them runway well into 2026. And for us, that's a really important validation of the model and the team that we've put together there. Another important development in the portfolio was the closing of Twelve Bio's acquisition by Ensoma. We talked a little bit about this at the full year results, so it may be familiar to some shareholders, but Ensoma is an exciting gene therapy company, which Tassos can talk about in more detail later in the presentation. But we supported them in their $50 million Series B, which was concurrent with their acquisition of Twelve Bio. That completed, that was agreed before Christmas, but it was actually completed in the first quarter of this year. So we've now booked the full uplift in the valuation there from that acquisition, which I can explain later on in the presentation. Another, again, important public market transaction that we have within the portfolio was the reverse merger of Enliven with Imara. As longer-term shareholders may know, Imara was a long-term portfolio company for Arix. We helped them when they were private, and they successfully IPOed onto the NASDAQ. However, they had disappointing data outcomes at the start of last year, and it was really a testament to the management team there that we worked with very closely, that they were able to reposition that business as a cash shell entity and then to attract Enliven as a merger partner. That was quite a competitive process. Imara was a very popular cash shell, and so they had their choice of partners there. But I think they've been well validated by the choice of Enliven. Again, they've managed to raise now $165 million from the markets, and again, they're being well supported now as they're trading going forward. So just moving on to the Grace portfolio performance. This graphic is an attempt to just set out how we've moved from the GBP 99.7 million gross portfolio value at the year-end, through to the GBP 134.4 million gross portfolio value at the half year. So principal changes here, there was GBP 36.5 million deployed into the portfolio. That's across our public and private investments. We then had GBP 19.9 million upward revaluation. That's net across all of our public and private investments. There was GBP 17.7 million of realizations and also a negative FX movement of GBP 4 million. Inevitably in our business, quite a lot of our private investments and all of our public investments are denominated in dollars. Certainly when it comes to the public investments, NASDAQ is the preeminent liquid specialist market for these types of businesses, so we always have an inherent dollar exposure risk. We try and manage that as best we can, but the reality is we do have some FX impact. In previous periods, that's been positive. In this period, it's been negative, and there was a GBP 4 million decrease in valuation on the Grace portfolio because of that. And then you can see there, we're ending the half year at GBP 134.4 million. So looking down at the breakdown of the NAV by cash and investments, you can see we still retain, as we have for some time now, a significant bias towards cash. That has reduced somewhat as we have been deploying into the portfolio in the first half of the year, but also it's been slightly impacted by the fact that the proportionate ratio has changed as we've seen an uplift in the public valuations over the first six months of the year. Here, we've got a breakdown looking at the share price and the movement against cash and our listed portfolio. As explained at the start, and this has partly influenced our decision to launch a strategic review, we have seen a persistent discount to our NAV. This is not unusual in our sector. Many peers are also facing that situation. But what is a little bit unusual with us is we have deliberately had the strategic decision to maintain high cash balances ever since we had a very significant return in the portfolio from our sale of VelosBio nearly three years ago now. That significant cash has enabled us to ride out huge volatility in public markets, but also in private valuations, and it's also given us strategic options as we now launch our strategic review to consider what we can do with that capital in order to best benefit shareholders. But nonetheless, as we stand at the moment, as you can see, the share price is still very comfortably underpinned by cash and listed investments, meaning that there's a great deal of upside still left in the business in terms of our unlisted portfolio. Looking here, detailed financial review. Won't go through all of this now, but obviously, there's an opportunity for shareholders and prospective shareholders to look at this in detail. Some of the points I'd highlight, as I explained at the start of the presentation, we had a significant positive upward revaluation in the holding of Disc Medicine, so that's added GBP 12.7 million to the valuation. We actually put a little bit more money into Disc Medicine after the IPO. We managed to put just GBP 400,000 in, which is a little support that we gave to the business after IPO, but that was actually money which we then realized when these shares were performing well. So although not a significant return into the absolute quantum of what we got back on that trade, you know, the GBP 400,000-GBP 1.1 million return was a nice example of actually crystallizing some of the gain. Nonetheless, we were obviously in lockup, as we typically are with any of our public companies once they IPO. That lockup has now ended, so we do now have liquidity in that position in Disc Medicine, and that is something obviously, which we are monitoring very carefully. Also, as I outlined, during the first half of the year, we had the completion and closing of Ensoma's acquisition of Twelve Bio. So we previously held Twelve Bio at cost at a GBP 5 million valuation. When we actually worked through the final completion mechanics with Ensoma, we received GBP 6.2 million worth of Ensoma equity in exchange for Twelve Bio. That 6.2 million valuation comes at the Series B round valuation, which is what we then invested the GBP 7.5 million, as you can see, on the far left of the screen, when they were conducting their Series B. And so through that transaction, as I say, we've now ended up with 6% of Ensoma, which for us is a nice, meaningful stake, both in terms of percentage holding, but also the GBP 13 million current valuation that we hold it at. at. Other points that it'd be helpful just to perhaps, highlight. We've seen a lot of movement in our Public Opportunities Portfolio. I'll talk a little bit about this later on, but as you can see here, there's been significant investment in, but also realizations out of that portfolio. This is a liquid basket of publicly traded biotechs, all on NASDAQ, that we've been investing in strategically. I can explain a little bit later on about the strategic rationale for that approach. But you can see here on the financial summary, that there's currently a GBP 3.5 million unrealized gain sitting in that portfolio. As I'll explain later on, we have actually managed to crystallize and realize material gains from that portfolio over the first half of the year. We'll now move on to an overview of the portfolio, for which I'll hand over to Tassos, our Managing Director. I'll control the slides from now on. Thank you. So firstly, before I start, I would like to say that having only started at Arix a couple of months ago, it's a great pleasure for me to be here and to be able to present our portfolio to our audience and our shareholders, and also discuss the achievements of our company. Before I get into the details of our portfolio, I would like to remind everybody of our... What used to be our, historically, our pillars of investment strategy. Usually what we try to do when we invest in companies is we look for companies that have very strong and very transformative, solid science that underpins their technologies. We're looking for teams that have been successful in the past, and we know that they can be successful again in the future. Strong syndicates, on both sides of the Atlantic, ideally. We're also looking for companies that have a pipeline that gives us multiple shots on goal, and that go after indications that we know have strong interest from the market and from pharmaceutical companies. By doing this, we want to create and manage a strong portfolio, which is diversified in terms of development stage, in terms of therapeutic areas and modalities. And as we strive to achieve our viable, we are confident that we can mitigate the inherent risk that I'm sure you all know is associated with drug discovery and drug development. So if you look at a snapshot of our portfolio here, I hope you can see that we practice what we preach. If you look at these are our core portfolios. If you look at our private companies, you'll see that most of them are currently in the clinic, that our companies are going after a wide range of therapeutic areas, and they're trying to address unmet need by developing various modalities. For example, small molecules, antibodies, cell and gene therapy. And the same applies to our public companies. You'll see—you see some of them at the bottom here. They're all in the clinic, and they're all looking to address unmet needs with their own technologies. I will give you some details on the expected milestones that are associated with all, all this work that our companies are doing in a few moments. But before I do that, I think it's worth highlighting, looking back and highlighting what our portfolio companies have achieved in the past six months. So I'm gonna start with Artios Pharma. Artios is a company that is developing small molecule therapeutics in oncology, and especially in an area called DNA Damage Response. Going back to the pillars of our investment strategy, here we have a management team that has been very successful. In fact, the CEO and the CSO of Artios has previously been in the management team of a company called Kudos, and were part of the team that invented and sold to AstraZeneca, one of the blockbuster drugs of our times, Lynparza, which is currently generating more than $3 billion in revenue for AstraZeneca. So we know that the team has been successful. We know that they know what it takes to develop and sell a drug, and we believe that they can do it again with Artios. In terms of achievements in the past 6 months, Artios has concluded a phase 1 trial that shows that their ATR inhibitor, ART0380, is safe and tolerable in patients, in cancer patients. At the beginning of the year, they initiated a phase two study with the inhibitor in combination with gemcitabine in patients with platinum-resistant ovarian cancer. In addition, Artios started a very important and very interesting collaboration with a renowned cancer center in France, where they're trying to look at ways to overcome resistance to therapies for breast cancer. Moving on to Evommune. As Rob said, Evommune is one of those companies that we one of our latest investments. We invested in Evommune in April 2023. We actually co-led the $50 million round with EQT Life Sciences and Symbiosis, and the company then went on about a month later to raise an additional $7.5 million. Evommune is working in inflammation and inflammatory disease, like, for example, atopic dermatitis. This is a disease of a high unmet need. And again, we have here a very strong team. The management team of Evommune sold a company called to Eli Lilly two years ago for $1.1 billion. The company is also backed by a very strong syndicate and it has a very exciting pipeline. And as Rob mentioned, as it is the case with most of our companies, with the additional cash that they raised, the Series B, Evommune is very well funded and is in a great position to develop its pipeline programs through to the clinic. Ensoma is another company that Rob briefly described. So Ensoma acquired Twelve Bio at the beginning of the year for an all-share transaction, which was connected with an $85 million investment, which we co-led with 5AM Ventures. What is interesting about Ensoma is that, again, two years, two or three months later, they went on and raised an additional $50 million, and that money came from new investors, more notably from Kite, which is a company owned by a pharmaceutical company called Gilead, with a market cap of $96 billion. And this is very important because we are always excited and excited when we see pharmaceutical companies showing interest in our companies. We're getting even more excited when we see them actually investing in our portfolio companies. And that's for two reasons. Firstly, because it validates our investment thesis, and secondly, because it brings more potential acquirers closer to the table. Ensoma is one of our preclinical stage companies, and it's one of those that I find highly interesting. So it's working on in vivo cell engineering of hematopoietic stem cells. To give you an idea of what the problem Ensoma is trying to solve, currently when cancer patients undergo cell therapy, for example, CAR T therapy, the process that they have to go through is the stem cells are harvested from their body, and then they're engineered in a lab. Then those patients have to undergo chemotherapy, so all their stem cells are depleted. And those engineered cells that were sitting in a dish are injected back in the patient's body. Now, this is a very complicated process. This is a very expensive process, and it's a logistic nightmare. So if you think of that, imagine that what Ensoma is proposing, that they will be able to do in a couple of years, is to inject those same patients with one injection, once in their lifetime, and then manage to engineer those hematopoietic stem cells in their body. And this is. This will be transformative. It would change cell therapies in every aspect, in terms of cost, in terms of manufacturing, and delivery of the drug. And we think that Ensoma has the technology that is leading the way in this aspect. So we're very excited about this. Hopefully sometime next year, we will be able to share good news about their potential entering the clinic. The next company is Sereso. Sereso is working in inflammatory disease, specifically in inflammatory bowel disease, which consists of Crohn's and ulcerative colitis. Again, here we have a very, very strong team. The management team of Sereso is the same team that sold our portfolio company, Amplyx, to Pfizer a couple of years back. And what they're trying to do here is develop oral biologics that will address the unmet need in IBD, in inflammatory bowel disease. The company has been progressing really well, as Rob said, because of their ability to develop their program and submit their CTA application. This is an application that will allow them to start a clinical trial in the UK. We released the second tranche of our investment, and hopefully we will be on track to enter the clinic with Sereso by the end of the year. The next company I would like to tell you about is Aura Biosciences, which is one of those that started as a private investment and then went on to list on NASDAQ. Aura is developing virus-like drug conjugate therapies for ocular and urologic diseases. They've progressed really well. In 2023, they announced positive interim phase 2 safety and efficacy data of their lead program, lead drug called Belsar, which showed an excellent response to therapy with injections suprachoroidally. And that was after an additional phase 2 had read out with where the drug was injected intravitreally. Based on those results and that data, the company is now in a good position to initiate a phase 3 study with Belsar in choroidal disease, and hopefully inject the first patient by the end of the year. In addition, Belsar, that lead program, was granted fast track designation by the FDA for the treatment of choroidal metastases, which highlights the need for vision-preserving treatment options. The next company is Disc Medicine. As Rob said, this is one of the very successful and very exciting investments that we made. Started as a private again, then through a reverse merger with Gemini Therapeutics, it went public on the NASDAQ. Disc Medicine is developing drugs for serious and debilitating diseases based on erythropoiesis, which is the production of red blood cells.... During the first half of 2023, the company did raise $220 million, which extends its cash runway well into 2026, and at the same time announced positive data from its ongoing phase 2 trial with bitopertin, which is a lead drug that they're developing in patients with hereditary porphyria. Also announced three phase 1 studies, one again with bitopertin, but in a different disease, Diamond-Blackfan anemia, and two with a second program from their pipeline, DISC-0974, in anemias of chronic kidney disease and myelofibrosis. Moving on to Imara, which is now Enliven, through the merger of its companies earlier this year. So Enliven develops small molecule therapeutics in oncology. In 2023, after entering the public market via the reverse merger, they completed a $165 million private placement, in which new and existing investors have participated. Following this transaction, Enliven is expected to have a cash runway into early 2026, with multiple clinical milestones along the way, which I'm gonna tell you about in the next slide. And finally, last but not least, we have Harpoon Therapeutics. Harpoon are developing T-cell engagers in oncology. Very exciting therapeutic modality. They have two programs. One is HPN-328, which the company announced that is dosing their first patient in small cell lung cancer recently. And another program called HPN-217. Now, that program was under option with AbbVie, a US-based pharmaceutical company. But in September 2023, AbbVie announced that they're not gonna exercise their option, so Harpoon has exclusive rights again to the program, and they are intending to develop it through phase 1 by themselves. As Rob said, I'm sorry, at the beginning of the year, Harpoon also completed a $25 million private placement in which accredited investors and institutional investors participated. So in terms of short- and mid-term milestones, there are several clinical trials that are currently underway and reading out in the next 6months-18 months. I know many of you have heard this before, and you are aware of clinical development, but as a brief reminder, let me just tell you that clinical development is split in 3 phases. Phase 1 is when a small number of usually healthy volunteers is being dosed with a drug to check safety, tolerability and any potential side effects, and understand the pharmacokinetics of the drug, so what the body does to the drug when it's administered. The only exception with the healthy volunteers part is if cancer drugs, which because of their toxicity, are never administered to healthy volunteers, but always to patients. So if phase 1 is successful, then we move to phase 2, which usually is split into phase 2A and phase 2B. Now we're talking about a larger population of subjects, and this is in patients. phase 2A still focuses more on safety and side effects, and phase 2B has a primary focus on efficacy. And assuming, again, the results are correct, are good, the development moves to phase three, where it has a larger population and, where this is where there's confirmation of primarily the efficacy of the drug, and also any potential safety issues that might arise. Even though phase one is very, very important, because that's the first step that shows that the drug can be administered to humans and is safe, it's usually the phase two data that lead to a larger value inflection, because that is where we start seeing an indication of drug efficacy levels. And also, this is usually the point where we see an increase in M&A activity. So the clinical-stage companies in our portfolio, as you can see from this slide, have programs that span across all three clinical development phases. And when we talk about, you know, the, the importance of phase 2 and phase 3 data, you can see that in the latter part of 2023 and throughout 2024, we expect several late-stage clinical trials to be generating data. For example, Artios, at the very top, will have phase 2 data in 2 out of its 3 programs in 2024, which are going to be generated on the back of, hopefully positive phase 1 data that are due to come out by the end of the year. You can also see Aura and Evommune here. They have both concluded their phase 2 studies, and as I mentioned before, Aura is already preparing for the initiation of its phase 3 study in colorectal melanoma. In addition to that, Aura will be starting in 2024, a study in colorectal metastases, and will be also generating phase 1 data in bladder cancer. Evommune study has been completed, the phase 2 study, and the results are expected to be released imminently, probably by the end of this week. In a similar fashion, if you look at this pipeline, there's a phase 2 AURORA trial with bitopertin, their lead drug, that is reading out in early 2024. And at the same time, the company is running studies in with the same drug, bitopertin, in a different disease, Diamond-Blackfan anemia, and is also running a couple of phase 1 trials that are gonna read out in 2024. Finally, you can see Enliven and Harpoon at the bottom of the slide. These are both expected to deliver phase 1 data, Enliven in 2024 and Harpoon by the end of the year. As I mentioned before, we also have Sereso, which submitted its CTA application. We expect that it's gonna be in the clinic by the end of the year, and hopefully we'll start generating phase 1 data in 2024. So the take home message here from our portfolio hope is the fact that what we have is a portfolio that is well-funded. Our companies have enough cash. Well, first of all, our companies have very significant milestones that and catalysts that they could reach in the next 6months-18 months, and they also have the cash that is necessary to allow them to reach those milestones. So there's a lot going on here. We're very excited about our portfolio. We're hoping that as clinical development progresses, we will start seeing an increase in discussions within our companies and potential partners. I will now pass it back to Rob, who will talk to you a bit about the public opportunities portfolio. Super. Many thanks for that, Tassos. So yes, as Tassos said, and, discussed a little bit at the start of the presentation, helpful just to update shareholders on our public opportunities portfolio. So those who've been following Arix for a little while may recall that we first put this together at the start of 2022. At that time, we were seeing a significant, fall in the public valuations of biotech stocks. At the time, that hadn't yet impacted the private valuations that we were seeing, and therefore it made sense to us to divert some of the capital we had at that time into a portfolio of liquid biotech companies, all listed on the NASDAQ in the U.S., where we felt that they were undervalued, both on terms of the company itself, but also in terms of the broader market. These are distinct from the investments that we hold in core public companies, where typically we receive those investments, having made private funding round commitments before the companies were public. These are very much liquid positions that we look to take, so small positions that we can trade out of in a much more active basis, in response to changes in the prospects of the individual companies, but also in respect to broader market movements as well. We're pleased to see and report that the POP portfolio has outperformed the XBI, which for us is the nearest benchmark, quite significantly since inception. At the moment, it's currently sitting at or around cost, and that is reflecting over the time, a significant fall in the XBI. That at or around cost is because we've actually been taking quite a lot of cash out of the portfolio and been crystallizing gains as we've gone along, and that's what allows us now to be recording nearly 9% return since we initiated the portfolio, including realized and unrealized gains. As you can see from that graph, the XBI has experienced a tricky time since then, and particularly there's been some weakening again over the last two or three months. And so we feel that that is a portfolio that, as well as providing liquidity to the business, also provides us with the potential for significant upside when there is a rerating more broadly of the sector, but also when there is performance within the individual companies that we hold in that portfolio. So moving now just to the outlook. As a recap, as I said, at the outset of the presentation, we launched a strategy review in July 2023. We are working very extensively and as fast as we can on that review so that we can bring an update to shareholders and our other stakeholders. But there are a number of options which are under active consideration at the moment, and so we really need to resolve those fully before we can announce a recommended way forward. Nonetheless, we retain a significant cash balance, and as I say, that's been a long-term strategic objective of the business, and particularly now that we're in a strategic review, that does provide us with optionality in terms of what we can do forward, either in terms of return of value to shareholders or capital deployment, depending on the decision there. As Tassos highlighted, you know, what's important at the core of the business that will deliver value over to shareholders is that there is an exciting portfolio that has many catalysts coming through in the near future, but also that's well-funded. The current markets, where we still have funding challenges in the public markets and private markets for biotechs, it's important that our portfolio is well supported by other shareholders. Certainly from an Arix perspective, we don't see that there's gonna be significant commitments needed to support the existing portfolio in the near future. Rob, if I'm allowed to make one personal comment here. Yes. So as I mentioned before, I joined Arix only a couple of months ago, and when I was looking at the company, I was personally very impressed. There's a couple of reasons why I was impressed. The one is that if you look at the track record of the investment teams that are at Arix, you'll see that since 2020, we have exits with VelosBio, just $2.75 billion. Amplyx was acquired by Pfizer. Twelve Bio was acquired by Ensoma. We had Disc and Imara merging and raising a huge number of cash. We also have this public opportunities portfolio, which is outperforming XBI. So this is a testament to all the investment teams that have been here in the past, that they actually pick winners. And my strong belief is that this is what, this is how you rate the performance of the fund. Markets change, they're very volatile, but if you stick to your investment thesis, then you will get the exits and you will get the benefit eventually through the share price. That's my own personal view. Yeah. That, that's very helpful, Tassos, and certainly, as I say, Tassos, it's been great to have him join us recently, but, you know, he's brought to us both an outside perspective, but also, you know, a great deal of long-term experience in these markets. And, you know, it really is about the long-term value that we're building here. So that concludes this part of the presentation. We'll now move over to the Q&A, and I believe that some questions have been submitted, which we can now take people through. So one of the first questions we had was: Is your cash held in sterling or dollars? So, you know, this has changed over time, depending on our expected commitments and whether we expect to be making dollar deployments. At the moment, we have not got any significant dollar deployments planned, so we are actually holding very largely in pounds. So we're nearly 90% of our cash at the moment is in sterling. As I said at the outset, you know, we always have this challenge that we have an inevitable exposure to dollar assets because of the business we're in, and in order to try and minimize FX risk and impact in terms of our NAV, we do have a bias, obviously, to sterling at the moment, very significantly, when we don't have any visibility on dollar deployment requirements. Another question that we had come through is a question about: What is in the other interest assets, GBP 2.7 million? Does it relate to the GBP 1 million you're owed re the Welsh Life Science Fund and why is that unpaid? So it does and doesn't actually partly relate to the Welsh Life Science Investment Fund, which is a legacy fund that was incorporated into Arix at IPO. So, as the questioner has identified, there is actually about GBP 1 million owed from the Welsh Life Science Fund into Arix, but that's actually accrued management fees, which are gonna be paid out now that the Welsh Life Science Fund has reached the end of its fund life. There is actually, in that other interests, a small portion, which was an LP commitment, which Arix made some years ago into the fund. That has been partially paid out and in some cases, written down, and so there is a small GBP 200,000-300,000 payment expected there from the LP commitment. But actually, the largest part of the other in this case relates to an investment in an accelerator in the United States called Biomotive. Again, that was something of a legacy investment that was invested into Arix, invested in at IPO, and so there is still a small residual value held there. If it's of interest to shareholders, that valuation comes from Advent Life Sciences, which is the manager of that fund, and we simply reflect the management valuation that we receive into our accounts. There's been another question: What impact has the notice of the strategic review had on the portfolio and in particularly, liquidity and valuation? So obviously, you know, we are conscious that when we announce strategic reviews, it does have an impact on our stakeholders, including our portfolio companies. Tassos, who takes the lead board seats on our portfolio companies, has been staying very closely to those businesses and is actually in the United States on the East Coast at the moment as we speak, connecting with them. So we have deliberately stayed close to the portfolio in that situation. In terms of liquidity, you know, there is obviously not a great deal of liquidity in the private investments that we make. When it comes to the public opportunities portfolio, that is deliberately a liquid portfolio, so we don't have a huge impact there. You know, for us, decisions around liquidity in the core listed assets, those are strategic decisions that we take. We haven't had an impact there, but obviously, depending on the outcome of the strategic review, there may be decisions that we take. And also just in the question on what it's had in terms of the impact on valuation of the assets. To date, we haven't changed, obviously, our internal view and approach on valuation. And so far, we haven't seen a significant impact in terms of external views of valuation of the companies that we've invested in. There's a further question then: Harpoon had bad news in September from AbbVie, not going ahead with the development. Does that jeopardize the value of Arix's pref shares? I can take that one. You want to take that, Tassos? We identified this earlier in the presentation. Yeah. So it's obviously not great news that AbbVie would not go ahead with the development of HPN-217, but it's not completely unexpected for two reasons. First of all, because AbbVie have already an internal candidate that were progressing themselves against the same target, BCMA. And secondly, because it's a very congested development field going after BCMA. So it's not completely a surprising that they didn't take it on. And at the same time, this is not where we, and also analysts agree with us, is not where the value of Harpoon's programs lie. HPN-217 is a nice-to-have. It would be great if it works, but the main value is on the lung cancer drug, HPN-328, and this is where I think the shares are gonna have a positive impact, the share price, if data is positive. Yeah. No, that's very helpful, Tassos. And I think it's worth, isn't it, fair to say that the way the preference shares were structured is there is a preferential return in terms of licensing or M&A activity at Harpoon, but that isn't limited to 217. So obviously, if there is success with 328 in terms of licensing or M&A income, that will flow through the preference share structure, just as if that had come from 217.... So, I think there's also a question here on: "Could you remind us again of the options under consideration in the strategic review?" So, you know, there were a range of options there, including continuing with the existing strategy of the business, but we also said we'd be looking at that investment strategy. We're also looking at whether there are combinations that might make sense for the business. We're also looking at whether we need to make a different approach in terms of shareholder returns, and ultimately, also whether there should be a significant capital return and a wind up of the business over time. So there is a full range of options. At this stage, we didn't want, when we announced it, to limit anything. Obviously, we've been able to make more progress on some of those options than others, but that is the work that we're currently looking to complete as soon as we can, so we can come back to shareholders and update on the way forward. Further question then: "What are the main risks facing the company? How are they being managed?" I think, you know, principal risk we always have with our business, you know, our cash is very secure. You know, we spread that around a number of deposit counterparties. The main risk that we face in terms of the rest of our NAV, really, is the clinical and operational progress of our companies. And Tassos can speak a little bit to this, but particularly on the private companies, you know, we have very close relationships with those companies, where we're monitoring and supporting those businesses in order to try and manage that risk. Absolutely. Yes, that's, that's exactly what we do. Further question: "Please, could you explain how you implement International Private Equity and Venture Capital Guidelines guidelines on your private investments? e.g., if a company has successful trial results, do you mark it up, or do you hold it flat until there is a transparent, e.g., new investment round price?" So yes, we do follow l nternational Private Equity and Venture Capital Guidelines. You know, our starting point is to look at the last round price that we paid, or if there's been a subsequent external investor. We do overlay then on that, an assessment in terms of, has there been positive or negative progress in the business? And also we do cross-reference it with comparables, particularly if there are listed businesses. This is only really for private companies. Public companies, we all just mark to market share price. But for private companies, when we're applying the IPEV Guidelines, we do actually look at whether there are public comps that we can see in the market and consider also that as a factor. Historically, we haven't written up on positive trial progress. Really, for us, it's about looking at whether the company's on track, and then if they can raise successful financing from new investors, if that is at an up rounds, that's typically when we have taken an increase in our holding value. But at the moment, the vast majority of the value, I think, in terms of all the value, is actually held at cost. We have, in cases, written down, and actually one write down that we had that was completed at the half year, was actually in Stipe Therapeutics. This is a business we were in for a few years, and we have been progressively writing that down since last year's half year results. We wrote it down further at the year end, and we wrote it down, I'm afraid, completely at this half year. So that is an example where we did look at our cost price, and our cost clearly hadn't changed, but from our perspective, the outlook for the business was becoming challenging. They had difficulty with some of their preclinical work, and therefore, we felt that that was something where we needed to start taking, you know, proportionate adjustments to the value over time as that story went on. So I think Stipe is a good example of how we approach valuation, where we think a company is in difficulty, but historically, when a business has been going successfully well in terms of clinical trials, we haven't necessarily written it up simply because of that. There's a question here on: "Does Kite's investment in Ensoma give it any formal rights or options over the company's products, or indeed over the company itself?" In the case of. That's a very good question. I think Tassos is very close to that. That's a good question. The short answer is no. Kite's investment in the company was purely because they saw that the technology that's being developed could transform their own technology, and they just want to be close to the development, but they have no formal rights or options. Yeah. Super. And then, next one is: "Are there plans to increase the public opportunities portfolio fund?" So, when we first launched this, we deliberately said that this was going to be capped at 10% of NAV. We wanted to, give some guidance to shareholders as to how much of our investment base would be exposed to this strategy. I'm afraid it's probably a bit of a frustrating answer, but the best we can say at this stage is it really will depend upon the outcome of the strategic review. Depending on what decisions we take there, particularly in terms of any future investment, strategy and approach, you know, there may be opportunities to increase funding there, particularly, obviously, as we've seen strong performance there, but I'm afraid it really will depend upon the full outcome of the strategic review once we get there. Then the next question is: "In what way is Rob going to be involved in finding his replacement and ensure their successful onboarding?" So, you know, obviously announced this morning that I'm gonna be leaving by the end of the year for another role, but obviously, you know, there is a significant period of time between now and the end of the year. You know, having been at Arix in various roles over the last over six years now, I'm very focused on ensuring that we can deliver the outcome of the strategic review over the course of the rest of the year and make sure that the company is properly resourced in order to go forward after that. These are discussions, obviously, as you can imagine, that I've had with colleagues on the board, and we're confident that collectively, we can ensure that the business, as I say, is properly managed, resourced, and with governance going forward. Another question: "Do you have a deadline for completion of the strategic review?" I appreciate it's frustrating, but probably the best answer there is, as soon as possible. You know, we're clearly in a situation where, because of the breadth of the review, and as you may imagine, we have been speaking to external parties as well, there are a range of options that we've been discussing and considering. And, you know, we haven't wanted to put a time limit on that artificially, because it really does depend upon, as I say, some of the opportunities that have evolved over the last few weeks and months since we announced the strategic review. But at the same time, you know, we are focused on trying to resolve this as quickly as possible for our shareholders and other stakeholders as well. It says there is still a small residual value shown in Amplyx. I thought this was exited in April 2021. What form is this residual value in? So that's a very good question. We don't talk so much about this, but there is indeed a small residual value in Amplyx. When it was sold to Pfizer, we actually received just about 1 times our money back on the original sale. That was upfront cash into the business. You know, to give context, clearly that isn't the result that we're aiming for when we look to make investments. Having said that, as Tassos has indicated, you know, this is a high-risk business that we invest in, and I always say that if our worst result was getting 1 times our money back, that really would be a very good result indeed. So, you know, we were pleased actually with Amplyx, that not only did we get our original investment back in cash, also, it's worth bearing in mind that there is now treatments going forward in the clinic that Pfizer's taking forward, which have the potential to really help patients. But as well as that great clinical outcome for patients, there were some deferred consideration arrangements in the sale. So depending upon milestones that might be hit with the drugs that Pfizer acquired from Amplyx is now taking forward, there may be some further payments that we might receive from Amplyx. We've put a relatively modest valuation on those deferred consideration payments. It is a fraction of their face value because we discount them for the probability of success, but also time. But nonetheless, obviously, we do feel that it is responsible to put some value there, because there is the potential that we will be receiving further consideration from Pfizer, depending on the progress of the drugs that they acquired from Amplyx. So there's a question here in terms of: What is your Harpoon investment worth today? So we can provide sort of a separate update there. Obviously, it depends upon the market price of the shares, but there has been a deterioration in the share price since the half year. This was following the announcement on AbbVie. As Tassos indicated, you know, the AbbVie had actually already acquired its own in-house program in BCMA. They made that acquisition, actually, of that competing program after they had signed the original license agreement with Harpoon. As Tassos indicated, you know, that is not necessarily so surprising that actually they chose to decline to exercise the Harpoon option, but clearly, that had an impact in terms of how it was perceived in the market. So there has been a significant decline there in Harpoon. For those who've been following Arix for some time, they'll be aware that the relatively modest holding value we had even at the half year is significantly down on the valuations for Harpoon at their peak, and obviously, that's a great source of frustration. But part of what we tried to do at the start of the year with the innovative financing structure of the preference shares was to provide this non-dilutive funding to Harpoon to give them the runway so they could continue with 217, but also with the 328, which, as Tassos indicated, you know, there is potentially a lot of interest in. So for us, there is still long-term value there, both in terms of our remaining equity investment, but also in terms of the preference share structure that we invested in at the start of the year. Perfect. Robert, Tassos, thank you for being so generous with your time there and addressing those questions for our investors today. And of course, the company can review all questions submitted today and will publish those responses on the investment company platform. But before we direct investors to provide you with their feedback, which one is particularly important to the company, Robert, could I please ask you for a few closing comments? Certainly. Well, thank you very much for everybody joining today. We really do appreciate the engagement, particularly the questions that people look forward. We all here are working as hard as we can to ensure that we deliver the best outcome from shareholders. I think it's hopefully been helpful for shareholders to hear, many for the first time, from Tassos, and particularly his perspective, having recently joined the business from the outside in, as well as now having been on the inside in terms of the potential in the business and the potential we do have within the portfolio. And certainly, I and the rest of all are working to ensure that with the strategic review we're undertaking now, we find the optimal way forward for the assets and for all stakeholders within the business. Robert, Tassos, thank you once again for updating investors today. Could I please ask investors not to close this session, as you will now be automatically redirected to provide your feedback, and although that the board can better understand your views and expectations? This will only take a few moments to complete, and I'm sure will be greatly valued by the company. On behalf of the management team of Arix Bioscience plc, we'd like to thank you for attending today's presentation, and good afternoon to you all. Thank you.