Welcome to the CelLBxHealth investor presentation. Throughout this recorded presentation, investors will be in listen-only mode. Questions are encouraged, and they 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 can review all questions submitted today and publish responses where it is 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 Peter Collins. Good afternoon to you. Thank you. Good afternoon. Peter Collins, CEO at CelLBxHealth. I'm looking forward to share the latest around how we are moving the company forward with a new strategy and business plan. On the call today, with myself presenting, my colleague Sinéad Armstrong, our FD. Would you like to introduce yourself? Yeah, Sinéad Armstrong. I have been with CelLBxHealth, formerly Angle, over the last 25 years in various roles within finance, during my current role for about the last seven to eight years. Thank you, Sinéad. Unfortunately, on this part of the presentation, our Executive Chairman, Dr. Jan Groen, can't join us. But Jan has significant experience in the diagnostic industry. Some companies he has always been involved in establishing from Europe and successfully transitioning them into the U.S. Two of them you can see there with Agendia and company MDxHealth. And Jan and I have previously worked together. From my own side, I've spent the last 25 years or so in senior executive roles across either oncology, diagnostic, or drug development, and in many cases, both. That included a five-year stint at GSK, where I headed diagnostics, reporting to the board, but also was part of their immunotherapy drug development group. I've seen both sides of the drug development story. I spent the last 10 years in liquid biopsy, primarily in the oncology space, which included a couple of years at Guardant Health, and then involved in the CBO of the successful acquisition of a U.K. company Innovata by NeoGenomics for GBP 400 million pre-commercial. I am excited to be looking at the other side of liquid biopsy, where circulating tumor cells, I believe, can make a really major difference. Obviously, together with Yann, we have over 60 years of significant experience working in this industry. I am excited about the future for CelLBxHealth. The summary of the opportunity here is, as I am sure many of you will be aware, it is a huge market, total addressable market size here, which is growing annually at about 12%. There is a real clinical need now for the use of circulating tumor cells to add the, importantly, complementary and unique insights beyond ctDNA. The liquid biopsy space has been dominated by ctDNA for the last 10 or 15 years. There is a real recognition that we've kind of reached the limits of what we can achieve with that, and we still need to do more to get patients on the right drug at the right time. There is a real shift in the business model here from science and academic collaborations towards a very focused commercialization approach, which will essentially be led through a wide variety of partners, both strategic partnerships with key players in the industry, and also the lab services providers that are either addressing patients or the biopharma space. In order to do that, we want to increase the footprint of the Parsortix and hence the flow-through of consumables, et cetera, that go with that. We have a well-qualified sales pipeline, GBP 12.6 million, that we have good sight of over the next two years. We have weighted that back to feel very confident about GBP 4.5 million of those revenues in the coming two years. It is a new leadership team with a significant amount of commercial and also clinical experience. This is a very focused strategy driving towards profitability and cash flow break-even towards the back end of 2028. As you all know, given the structure of the company and the raise now versus the market cap, we are going to require a significant restructuring of the business. We will go into that in more detail. A summary of where we are to date with the funding is we have successfully raised GBP 6.8 million gross, which has just been announced. I'd like to do a big shout-out to our larger shareholders who've come in and really supported the business. Believe in both CTCs and what we're doing, and have significantly increased their positions. The retail offer, as you can see, is of up to GBP 1 million at 1 penny a share. General meeting is planned for December the 15th, admission thereafter on the 18th of December. I'm sure many of you are aware, cancer is a significant and a growing challenge for both individuals and their families, and also for governments and society to deal with. Tools such as the ones that we plan to develop are going to be critical to addressing those questions. Many of you may be familiar that cancer diagnosis is currently standard c are is made by a tissue biopsy. That's generally only able to be done once. It's painful. It's costly. It only provides information at that time of the original diagnosis. During a patient's cancer journey, evolution will occur, and then that block or that tissue is no longer representative of the patient. We've done a lot of work on circulating tumor DNA, but you can't always find it. There are technical failures. This leaves a number of patients who aren't able to get on the right drug at the right time. There is a need for additional information to be found, preferably from a simple blood draw, to improve how we're able to manage those patients. This slide here is to demonstrate that tumors have a rich blood supply. Constantly, they're regularly seeing circulating tumor cells move into the bloodstream. When we look for circulating tumor DNA, which is fragments of DNA from dead or dying cells, the way in which they actually get into the bloodstream is quite different. The challenge we face is that we currently run, number one, tissue biopsy, and number three, ctDNA. We are not able to get all the information we need. It is really important now that we press on with using circulating tumor cells, which are a live representation of the tumor at that time. We are able to do a lot more with those cells and get a lot more information for the physicians and for the drug development process. Good timing recently was this independent expert consensus from a publication that we actually press released, confirming from that group, some of whom are customers and some of whom are groups that I previously worked with, that CTC is going to play a significant role, potentially for all metastatic cancer patients during the coming years, moving into the here and now. As importantly, in terms of the platform that we have, the Parsortix is recognized as a best-in-class sample preparation platform for circulating tumor cells. It was identified by 40% of the panel that the Parsortix was the technology for now and for the future. Some of you will have seen before the images of the instrument and in progress here. You can see on the right-hand side, that is blood running through the channels of the cassette that we use where the magic occurs to provide this very representative or most representative and high numbers of circulating tumor cells, which we can collect to use for further downstream analysis. It's important to recognize that there has, over the years, developed a huge amount of clinical validity data that you can find circulating tumor cells across all stages of cancer in pretty much all solid tumors. The system itself can be integrated and works well in existing lab instrument and workflow environments. Of course, over the years, we have managed to place a number of platforms, and we've done work on a number of contracts. There is certainly enough commercial validation that the instrument does what it says on the tin, so to speak, and we can generate good data with our partners. Unfortunately, we haven't been able to place enough or grow that business fast enough. We do have good recognition here for the fact that we have the right quality management systems in place that have enabled us to work with the FDA and others, and obviously some high-profile customers that we work with, who would all confirm that working with us, we do great work. Moving forward, what's different? We really want to focus on accelerating the uptake of Parsortix platforms and their consumables, predominantly through the specialist CRO groups who have full-line pathology services for the biotech industry, for both small biopharma and the bigger pharma companies, and also the clinical labs primarily here in the U.S., who are regularly developing tests for dealing with the unmet needs of their cancer patients. We will continue to work in the area of laboratory services for clinical trial support and some assays with a limited number of partners. We do not want to be involved in managing and looking for large numbers of biopharma partners with whom we effectively have to share the risk of drug development with them and with no upside. The idea is to work with the labs who are set up for managing this on a much larger scale than we could ever hope to do. On the laboratory-developed test side, we've got some strategic partnerships in place, which we'll come to further down the line, the likes of Roche, Kaijin, others, where we can expand the reach of existing tests and effectively leverage the platform that they have broadly across the industry. Here's some good insight into the companies that we've been working with. Much of this is in the public domain. We're very excited about the opportunity with Myriad Genetics, which again is confirmation that tissue tests fail on a regular basis, in some cases up to 30% of the time. The option for a simple blood draw and the ability to identify the same genetic alterations from the circulating tumor cells is an extremely attractive one. Myriad is an example of a billion-dollar company processing about a million samples a year broadly across all tumor types. One can imagine there are multiple opportunities with different cancer types for tests that they pull together where we can integrate into their workflow. Roche, another great example, we've been working with Roche Tissue Diagnostics. We had a poster of work that we had done with them at one of the, well, the biggest drug conference annually, the ADCs. This is a huge class of drugs, which currently AstraZeneca are the leader with their drug in HER2. These drugs all work by basically being able to identify proteins on the surface of cells to which the antibody side attaches to the cell. Then the drug payload is conjugated to the back of that. That is very difficult to do and challenging in tissue. You cannot answer the question with genomics. The work we have done there is both Roche Diagnostics and ourselves are very excited about the fact that you can fit this into standard workflows. From the previous slide, there was a picture of an instrument called the Benchmark Ultra. There are over 30,000 of those worldwide. The idea of being able to develop workflows for both drug development and ultimately for patients is very exciting and a lot of very good response to that. We're also looking at ways of transferring currently tests that are currently done on a DNA basis, like circulating tumor DNA. Where those tests have a failure rate, anything up to 20% of the time, that leaves maybe 20% of patients, a good example of maybe non-small cell lung cancer, where these patients can't be biopsied. 20% of the time, those patients will have no option due to a test failure. We've got a very exciting project going with a partner, which we'll announce more about at a later date, which would see them have failed tests reflex to circulating tumor cells to identify actionable alterations to get patients on drug. I think once we've demonstrated that kind of clinical utility, similar to the Myriad Genetics side, having clinical utility means getting these tests to patients, physicians making decisions about treatment. It will have a knock-on effect for the pharma companies as well. We are very excited about these partnerships as we move into 2026 and 2027. Hopefully, this flow diagram gives you a good idea of how the business model is going to work. On the left-hand end, we have our consumables and our instrument, the Parsortix. At the top, the cell keep slide for working in the cell environment and then the cassette itself for isolating the circulating tumor cells. We have our strategic providers, excuse me, who either do imaging of the cells or they basically extract DNA for downstream analysis. Excuse me, just take a coffee onboard. We have very clearly identified who the customers we want to work with, the specialist CROs and some of the bigger ones, a group in there where we'll continue to do lab services, and then the clinical labs. There is a significant install base. We can work with the strategic partners to identify the right people to work with, both on the CRO and the clinical lab side. There is a very clear number of customers that we have identified who we can work with to deliver the revenue plan in 2026 and 2027. I mentioned earlier, we have a sales pipeline of $12.6 million gross, which we have weighted back to $4.5 million, but we are very confident about those revenues during 2026 and 2027. In summary, from a commercial perspective, over the next 18 months, we will be increasing that razor-blade model. We plan to do at least two technology transfers into U.S. clinical labs, well identified. Again, clear number of pilot programs and assay development projects with existing pharma partners in the pipeline. We will also work in the laboratory-developed test area with work that we've already done or working with partners. We believe we can take those into other labs, particularly in the U.S. The current outlook is we expect to hit the forecasted number of $1.6 million at the end of this year. We already mentioned the pipeline. Again, we're looking for all the cost efficiencies that we can. We'll no longer be doing any manufacturing in-house. We'll do that all with partners. By doing that, we can increase the margins to 70% plus and $8 million plus of revenues in the medium term. Expect to break even at the end of 2028. We're going to alter the way that we interact with the shareholder base and keep people updated on how we're progressing. We will move to quarterly reporting. Our news flow will be based around important events that I would describe as value inflection, particularly the relationship with companies like Myriad Genetics and our other project, which will see the reflexing of failed ctDNA tests to looking for alterations in circulating tumor cells. I can't remember. That's a huge opportunity. There are somewhere in excess of 1 million liquid biopsies for CGP annually. 150,000-200,000 of those will probably not deliver any data. That's a huge opportunity for more patients to be identified for drug and obviously more downstream analysis via sequencing or possibly PCR going forward. A lot of excitement with the partners we're working with. For our financial reset, you can see here where the and ask Sinéad to go into the details, but you can see how we're reducing cash burn footprint and headcount to work to have the company that we need for going forward. Yeah. We're looking at a significant tightening of the belt and reducing the footprint of the business. We're currently at about 108 employees, and we're looking to reduce that to around about 44, with a pivot in the business case to move us from a large research and development company to a much leaner R&D team that is focused on the driving of the revenue-generating activities. The cash burn will move from GBP 12.7 million down to GBP 5.5 million in 2026. This, along with the headcount changes, we will move from two locations in Guildford to one location, merging both our clinical and our R&D lab facilities and looking at cost-cutting right throughout the company. Thanks, Sinéad. Just a reminder here that there have been significant acquisitions in the liquid biopsy market over the last five years. Maybe the most relevant one for this audience was BioRad's acquisition of CellSeed, which was dedicated to being able to isolate circulating tumor cells for downstream analysis, of which a company like BioRad or a multi-billion-dollar company have multiple options and instrument systems to be able to investigate. Over five years ago, they put the better part of GBP 100 million into a platform. That is a platform that we consistently beat when we come up against them. You can see there, given the information provided earlier about this move into clinical utility, a lot more people are going to want to have a dedicated approach to and something with a standardized approach to isolating circulating tumor cells so you can incorporate that in workflows in a multitude of different environments. We are very excited about who we could well end up with working with in the future as this starts to grow at a much greater pace than previously seen. I think we are closer to the final slide here. This is our use of funds going forward. The R&D team has greatly reduced, but we have some significant value-generating projects that we will be working on. Obviously, we have work to do with our current pharma partners. We'll expand the sales and marketing capability so we can work closely with the partners we've identified. There'll be significant restructuring and cost optimization here. That comes down to a 60% reduction in headcount and obviously a significant reduction in our footprint in general. Those savings amount to circa GBP 5.9 million. In the past, we've got some legacy systems that we feel need replacing to ensure it's scalable and we have less requirement for people to be involved in the processes around here. That requires a small investment. Obviously, they'll be left with approximately GBP 3.6 million of working capital, which is a significant reduction in 2026 versus 2025, etc. Assuming the full uptake of the retail offer, that would see us with GBP 7.8 million in cash there. Summary, yeah, successfully raised to GBP 6.8 million. Again, big thanks to the larger shareholders who have stepped in and actually taken up significantly increased positions. The retail offer is up to GBP 1 million and one penny a share. Those are the logistics of getting it all in place. Thank you for your time and happy to try and address some of the questions. That's great. Peter, Sinéad, thank you very much indeed for your presentation. Ladies and gentlemen, please do continue to submit your questions using the Q&A tab situated on the top right corner of your screen. While the company takes a few moments to review those questions submitted today, I would like to remind you that a recording of this presentation, along with a copy of the slides and the published Q&A, can be accessed via Investor Dashboard. Peter, Sinéad, as you can see, we have received a number of questions throughout today's presentation. If I may now hand back to you and kindly ask you to read out the questions where appropriate to do so, and I'll pick up from you both at the end. Thank you. Okay. Question here from uh PP. Please can you provide an update on where CelLBxHealth are with the AstraZeneca collaboration? Obviously, can't give details, but suffice to say we are working very closely with AstraZeneca. I think they're certainly very excited about the fact that, as I say, as the dominant player in the ADC Antibody-D rug Conjugate market, they have a number of assets that they want to develop, for which it only makes sense that they would work with circulating tumor cells. I've been privileged to work with AstraZeneca over the last 20 years with a couple of drug approvals for them. I am excited to be working with a group that I know super well. I think the portents are good for the work going forward. There is a question here about why limit the total fundraiser at GBP 7.8 million. Would you not have preferred a larger amount to give you a greater runway to break even? I think the general consensus was that we have a plan to deliver to. There is some good discipline associated in doing that. There are value inflection points coming up this year, which I think would see us when we go back to the market next time, it is on the basis of a very different profile to the business. The agreement was that we could move forward at that price and exercise the appropriate amount of discipline required here. We have got a clear path through to getting the business on an even keel financially. We are very comfortable with the amount that we have raised now to be able to deliver on the plan we have got. Next time, risk of repeating myself, we want to go forward next time raising money with a much stronger position than we currently have from a value perspective. There is a question further up here about LDTs. Previous incumbents made much of the current U.S. administration resistance to their development. I am not sure it was the U.S. administration. It was much more from the FDA have always had an option to exercise oversight over the world of laboratory-developed tests, which has a different body for regulatory approvals. The FDA have never exercised that. Over a period of time, they have on a couple of occasions attempted to gain control. That was an exercise that went through. Ultimately, that approach was kicked out because the American Medical Association and other bodies did not want to see the FDA involved. The belief is that that would have stifled innovation. This somewhat, I don't know, fractious relationship that exists between the LDT world and IVDs will continue in the U.S. for some time moving forward. At this point, there is no change. I think we've kind of moved beyond that. Yeah. Do you want to do the break-even one, Sinéad? Yeah. There's a question here that asks, what do we base the end 2028 break-even point on? That's very much on revenue growth of expected for next year, about $3.6 million, increasing to $5.5 million in 2027 and an increase to $8 million in 2028. That, along with the continued restrictions on growth and maintaining the costs as low as possible with no additions in headcount in 2027 and additions in headcount in 2028 that match with the delivery of projects and revenue-generating projects. Thanks, Sinéad. Question here. Can you detail how your strategy builds on the efforts we have seen before? I think essentially here, this is very much a narrowing of the focus. I think in the past, it's not uncommon a company trying to be with a platform with infinite possibilities. There's always a tendency to want to try and do everything as far as possible with as many partners as possible. I think at some point, one realizes that there's a reason there are dedicated CROs addressing the biopharma world to get involved, say, with carrying the risk of drug development with no upside. It's a very challenging business to be in. I guess it was also the case that there have been partners out there who are interested in developing high-value tests. Most of the money to be made in the U.S., for example, is in the downstream analysis of, in this case, circulating tumor cells. Coming up with winners and the amount of study required to do or the size of studies required to develop true clinical utility is pretty huge. You effectively have to do a phase three clinical trial. That's much better done with a pharma company, for example. Trying to cherry-pick one's own test that we think might be super successful is very difficult. Hence, we want to expand the footprint of labs to work with and not compete with the other LDT test providers or even compete with the companies who are dedicated to supporting the biopharma business. We are basically looking to narrow the focus and work exclusively with partners and not try and do too much or all the stuff all on our own. There was a question after that, which basically said, why did previous management fail? And what are you doing differently? I think that all comes under the same heading. It is just a much more focused and commercial process here, working with partners. Question. Does the company have to sell hardware for the testing, or is there a way searchers can just do a test? The company has to provide hardware to the laboratories who will be developing the test that eventually, certainly in the U.S. in particular, that a surgeon or a treating physician can order from one of those labs, of which there are thousands in the U.S. Okay. The commercial adoption of Parsortix has been slower than initially expected, in part to material change in market demand, also to commercial execution. Has this market changed? In my opinion, yes, the market environment has changed. The fact that the likes of the relationship, for example, we have with Myriad is effectively them coming to us as opposed to us trying to persuade them that, would not it be a great idea if you could adopt this technology to improve the current tests that you have available so you have less failures? Similarly, the partner that we're working with regarding identification of patients, particularly in the lung cancer space, who have failed so-called ctDNA, that's then coming to us saying, can you help us address this challenge of 20% of our patients? We We can't get any information on. We know there's a high likelihood that many of them would be eligible for targeted therapies. I think that switch now is a recognition that we've kind of reached the end of the line in terms of we really understand fully the limitations of circulating tumor DNA. I think those are all key moves. I think the fact that we've worked closely with, or maybe take a step back. There are a couple of key drug classes, the ADCs, Antibody-D rug Conjugates, and the RLTs, the radio-ligand therapies, where tissue remains a huge problem. It's far too slow to get into clinical trials. You can't identify patients genomically. You need circulating tumor cells again so that you can identify the right cells to either develop drugs on or to find patients who would benefit. I think that is a material change in those drug classes that are coming into play now. Another question. The BioView HER2 assay, yeah, that work has been completed to the point of the test is available in our menu and can be promoted. There now needs to be further work done to demonstrate the clinical utility of this. Can't emphasize enough how, again, if you want to develop the full range or if you want to capture the full range of value within the market, developing tests of clinical utility are incredibly challenging to do. Going through a process of analytical validation, clinical validity, and then clinical utility is a very expensive one. To date, for whatever reason, especially in circulating tumor cells, we've only ever been able to develop clinical validity data. Unfortunately, you end up with a lot of very good and, I guess, well-meaning academic labs that end up, to some extent, with an echo chamber of, yeah, this is associated here, and it would make sense to look at it in the context of this cancer. Unless the test tells a physician what they can do with the patient, then unfortunately, if you can't pass the so what question, you're never going to be regularly requested or used. It's finding the best way to partner to deliver that clinical utility. Is there any route to get the NHS to use the past audits? All I would say there is kind of watch this space. There's no reason why the NHS should not be using this in some very key areas. Sorry, my question may be unclear. Who do you need to sell to? Yeah, laboratories. I mean, I think we said there's CROs, dedicated laboratories providing full ranges of full-range pathology service. Everything you would find in a clinical lab but dedicated to addressing questions for the biopharma industry. That would have been one of our big challenges here. We're only really offering one sample type and a limited amount of analyses, whereas these CROs have the whole gamut of technologies and equipment to provide information for drug development, which is going to be many more biomarkers than circulating tumor cells. Given the precipitous fall in share price, is the correct strategy now in place to create meaningful shareholder value? Yes, we believe that to be the case. I think the fact that three of the largest shareholders who obviously have experienced significant exposure during that window are backing new management and new plan. Aspiration post-break-even? Aspiration Aspiration post-break-even. I think it all depends on what I reference as value inflection points in terms of clinical utility. I think once we've achieved those value inflection points, then we have a number of options that become open to us. Clearly, addressing the question of scaling, if there's sufficient demand for circulating tumor cells, becomes a big question. Clearly, the current Parsortix instrument is not really set up for any kind of high-throughput scenario. That would give us the ability to consider our own M&A activity to increase our footprint and what we can offer to our partners. Equally, there has to be a reasonably high likelihood that we would actually become the target of a high-value M&A activity ourselves. There was a question earlier about how the staff are reacting to the announced cuts to headcount. We started the consultation process yesterday, and it has been, yeah, it's been quite difficult. There's been a lot of shock. There was an expectation as the cash runway was limited. There was an expectation that this fundraise had to happen or there was a likelihood of administration. There was a collective sort of holding of breath to see what would happen. There was an expectation that we would be cutting headcount, but the amount of headcount that we are cutting was not expected. That said, of the staff that are staying, there's quite a really positive attitude to the challenge ahead. There is a feeling that this is the absolute right business case, business plan going forward, and that we will be looking much more like what they would expect a company of our type to be looking like in terms of the size and the ability to deliver what we need to do. Yeah. Yeah. Yeah. We are certainly comfortable that we can or will be able to retain all the what we mentioned of the key people to be able to deliver on the new business plan going forward. I think there's one other question, which is collaboration with Solaris MidLantic regarding prostate cancer, collaboration which funds were raised for. This is one of the predates me I have, but as far as I can understand, there is still an opportunity to collaborate. I think the initial work that we had done had looked promising, and then we basically reached a hiatus as we moved towards the next steps. We are still in discussions with Solaris about how we move that forward. It is not currently within the plan for next year because we have had to cut back, and there is a significant commitment for the clinical trial to develop the utility data that we are not resourced to do right now, but we will certainly look to exploit that as soon as we can. Future dilution from granting of share options. We would expect to increase the pool that exists to no more than 10% of the share capital. What I would say is that the options issued to management will have capital growth restrictions on them. It will be a number of years before they will vest. Visibility on the revenue forecast? We have spoken about that to a certain extent. We have good visibility on about GBP 4.5 million-GBP 6 million. As we move out over the years, obviously, the visibility is not as clear. It says, "Parsortix plus has higher throughput and presume more aligned with companies doing downstream analysis." All the companies we plan to work with will be doing downstream analysis, and we have a very good line of sight on the companies we know we need to work with. I think eventually, our strategic partnerships, who are basically the people who provide all the equipment and consumables to do that downstream analysis, we are triangulating with to ensure that there is a kind of seamless integration of workflow. They are all set up to go with the discussions that their commercial-facing teams have with the biopharma world. Similarly, these platform providers do the same thing, and then we kind of effectively triangulate with the pharma companies to drive demand back through our strategic partners and the labs that we work with. In that respect, the new strategy is a real force multiplier on the size of the commercial team and the footprint that we need, working closely with people who are all pointed in the same direction. It is a classic win-win-win for everybody. We are not competing with anyone other than other providers of circulating tumor cells. That is great. Peter, Sinéad, if I may just jump back in there and thank you for addressing all those questions for investors today. Of course, the company can review your questions submitted today, and we will publish those responses on the Vestermeer Company platform. Peter, before I redirect investors to provide you with their feedback, which I know is particularly important to the company, could I please just ask you for a few closing comments? Yeah, no, we are obviously super excited that we have managed to successfully raise funds for a reprofiled business with a very different business model. Certainly, given the quality of the strategic partnerships we have got in place and those opportunities, I think we will need to execute flawlessly on those programs as described. There will be significant value inflection points along with revenue growth over the next 12-18 months. We are very excited about what the future will hold and would expect with those value inflection points in particular to see the value of the company increase. Exciting times, and hopefully, the group here will feel well motivated to participate. Thank you. Fantastic. Peter, Sinéad, 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 in order that the board can better understand your views and expectations? This will only take a few moments to complete, and I am sure it will be greatly valued by the company. On behalf of the management team of CelLBxHealth, we would like to thank you for attending today's presentation, and good afternoon to you all.