Good morning, ladies and gentlemen. I am going to make a slow start for any people that are joining us in the next minute, making sure that we can get everybody into this webinar. Good morning to the ShareSoc webinar. Today, we are focused on Genedrive. My name is Thera Prins. I am a director of ShareSoc, and I will be your host for today and assisting with questions later. Today's presenters that will be joining after I have done the introductions will be Dr. Gino Miele, who is the company CEO of Genedrive, and Russ Shaw, CFO of Genedrive. As always, before we get into the material, could I ask you to participate into a quick poll? Because we always like to understand from participants whether you are currently invested in Genedrive. Please could I ask you to participate in this poll. Fantastic. Thank you very much for participating. Gino and Russ, I see here that we have 77% of people on the call who are currently invested in the business. That is hugely interesting and powerful. No doubt, very much looking forward to this presentation. Okay. Next slide. I have to do this, which is basically our ShareSoc disclaimer. Just a reminder that this is not investment advice that you are going to receive next by ShareSoc. We always encourage you to do your own research and/or take professional advice before making any investment decisions. Thank you for that. I would be foolish if I did not take the opportunity to spend a moment describing a bit about ShareSoc. Many of you will probably be aware already that ShareSoc is a not-for-profit membership organization. Our primary activities are investor education and representation, looking after the interest of all U.K. private investors. We also campaign, influence, and lobby government, regulators, companies, and brokers on your behalf. In terms of direct membership services, we inform, we educate, and we connect through a variety of forums, seminars, newsletters, and through our SIGnet group. We also try to save you some money with various discounts that get made available to you by being a member. Thank you for this slide, Pavlina. In terms of questions, as usual, we are not going to have a chat facility. We are going to take questions through the Q&A button on your Zoom screen. We will store those up for the end of the presentation, so please start entering your questions as we go along, and we will come to those once the presentation is finished and we have allowed time for that. Okay, without further ado, let me just check. It gives me great pleasure for me to stop talking and hand over to Gino and Russ. Welcome, Gino and Russ. Please join me on the screen. Brilliant. Welcome, Gino. Welcome, Russ. I know you are going to go into your presentation, and one thing I would ask of you is, maybe starting with yourself, Gino, is I always love to understand a little bit about you. How long have you been with the organization? Where in the world are you? I would love to know one or two who are you comments from you, if that is okay. Yeah. Hi, I'm Gino Miele, Chief Exec of Genedrive. I have been Chief Exec since September 2024, but I have been with the company since its inception as Genedrive, since 2016, and prior to that, as its legacy business, Epistem. I've been with the company a long time. My background is predominantly in novel disruptive diagnostics and placing those into developed healthcare settings and commercialization thereof. We're based in Manchester. Our company headquarters are in Manchester, but we operate through the NHS and internationally as well. Okay, I understand. What about yourself, Russ? Lovely to have you join us today. Thanks very much. Good morning, everyone. I'm Russ Shaw, CFO of Genedrive, also based in Manchester. Been with the company not quite as long as Gino, four and a half years. My career, 25 years expanding life sciences, diagnostics, technology, industrials, predominantly within quoted companies, but I've experienced a diverse range of businesses covering technology startups, business turnaround. I was previously CFO of a private company that scaled to over GBP 100 million in turnover. Thank you. Thank you for those introductions. On that note, it's time for me to stop talking. Gino, I think I'm handing over to you. Control's over to you, sir. Okay, great. Well, listen, thanks for joining us. Good afternoon. I am really delighted to introduce Genedrive to you. Some of you know us, some of you do not. We are a U.K.-based med tech company, and we are focused on transforming patient outcomes through what we call pharmacogenetic testing. Our work sits at a very exciting intersection of genetics, acute care, preventative healthcare and NHS productivity. We are not talking about distant science here. We are talking about rapid tests that are available today that help clinicians make better prescribing decisions. Those decisions can be taken at exactly those moments where they matter. Today, over the course of the next 25 minutes or so, I will try and cover the clinical need, the market opportunity, our commercial progress, and importantly, why we believe Genedrive is increasingly well-positioned for scale. At the end of the presentation, Russ and I will take questions. Just to note that any remaining questions that are submitted that are unanswered, we will absolutely endeavor to provide responses to those afterwards. If we could just move to slides two and three, these are standard disclaimer slides, and I am just going to pause very briefly here. They are important because some of our presentation discusses market opportunities, anticipated milestones, risks, and forward-looking statements. Please read these slides in full after the session if you wish. Of course, nothing today should be taken as investment advice. With that, let us turn to the story that really matters, patient impact and commercial execution. Genedrive in action. This slide captures that. On the left is our MT-RNR1 test. There is a test designed to help prevent antibiotic-induced hearing loss in newborns at a very vulnerable stage of their life. The issue here is that around 90,000 babies are admitted to neonatal care in the U.K. each year, and a proportion of these carry a well-known genetic variant that means that if they are exposed to the aminoglycoside class of antibiotics, that results in devastating impact on their hearing, lifelong, irreversible hearing loss. Our test is a rapid test that allows clinicians to identify those babies within minutes before treatment decisions are made. That ensures that babies with this variant are identified and not exposed to these antibiotics. Instead, they are given safer second-line alternatives. i.e., we avoid preventable harm in these newborn patients. On the right is our CYP2C19 genetic testing for stroke pathways and transient ischemic attack pathways, where a commonly prescribed antiplatelet drug called clopidogrel is widely used. The clinical issue here is that a significant proportion of patients do not respond adequately because of their genetics. It is a very high frequency. Approximately 30% of people, and even higher in certain ethnic groups, up to 56%, do not respond adequately to this commonly prescribed medication. Again, a point of high vulnerability in their life. Our rapid testing genetic solutions help support the move to the right patient, to the right treatment at the right time. The key point, very simple. We are targeting moments where a fast genetic answer at some of the most vulnerable times in someone's life can profoundly change that person's life. At the same time, we are offering significant health economic benefits, productivity gains, and reducing downstream healthcare costs via true significant savings to organizations such as the NHS. If we move to the next slide, at a glance, we are a commercial U.K. pharmacogenetic testing company. We have a U.K. supply chain, and we are focused on solutions for enabling time-critical treatment decisions. We have a proprietary rapid molecular platform, which is the engine behind everything, and we serve NHS and international markets. On that instrumentation, we have two CE-IVD certified products, which have been developed with and are used by NHS partners currently in routine clinical care pathways. We believe our investment case for us is built around six key points. First of all, we are commercial stage. Secondly, we have two products addressing high-value clinical needs, and these are of global significance with respect to that clinical need. Third, there is a meaningful market opportunity both in the U.K. and internationally. Fourth, our clinical and regulatory positioning is strong, including recommendations from NICE for use in the U.K. NHS, and we are also very well aligned to U.K. political and healthcare drivers. Fifth, we are seeing early commercial traction and increase in revenues. Sixth, the business is positioned for scale through a recurring consumables model, manufacturing capability, and emergence of defined market access and reimbursement routes. Again, these are novel diagnostic. They are disrupting clinical pathways, and the pathway evolves with us. In short, we are a platform business moving from evidence into adoption and growth. With respect to the unmet clinical need, I think that is relatively easy to articulate and understand, and I will try and do so. People respond very differently to medicines, and your DNA is one of the reasons why. In fact, a very high proportion of people carry at least one so-called actionable variant for a very common set of medications. In the hands of a prescribing physician, knowledge of those actionable changes can have significant and profound impacts, profound benefits. Historically, that pharmacogenetic testing has been performed in, and is performed in, central diagnostic labs. That pathway has value. Of course, it does, but it can take days or weeks, and so it is only appropriate in certain instances. In acute healthcare settings, for example, neonatal intensive care, stroke units, other emergency care settings, clinicians do not have that time. They need to make decisions quickly, and to do that, they need the genetic results quickly. We are focused on bridging that gap, bringing actionable genetic insight to the point of care, but fast enough to influence the first prescribing decision rather than explain it after the consequence. This is where we come in, enabling the right prescription for the right patient at the right time, which is the essence of personalized medicine. This is our solution. It is enabling that rapid near patient pharmacogenetic testing, but at the point of clinical decision-making where it is needed. The system is designed and proven to be practical in busy clinical environments and where the focus is on care of the patient and not negatively impacting that. That is really important. It involves a very simple cheek swab sample, automated analysis in the instrument, and the user is presented with an actionable genetic result without having to do any data analysis. Simple enough to run whilst they are focused on delivering other important aspects of care. It is really important to evidence that in real-world settings. For MT-RNR1, results are available to the clinician in as little as 26 minutes, which is crucial because it is well within what is called the golden hour requirement of antibiotic prescription following the decision to treat in neonatal sepsis. For CYP2C19, the aim is to inform antiplatelet treatment choice quickly enough to matter in stroke pathways. The important word here in both cases is actionable. We are not generating genetic data for its own sake. We are providing a result that can meaningfully change a prescribing decision in emergency healthcare pathways. This is what we believe makes Genedrive exciting. Rapid results, actionable decisions, better outcomes for patients and healthcare systems. This is all powered by our single-use ID kits that also create a scalable, recurring, consumable model. Next slide. The market opportunity. Timing here is important. Rapid genetic testing, rapid pharmacogenetic testing is moving into routine clinical care pathways, and we are solution ready. We are not coming after the event, we are coming with the event. We have got NICE recommendations, the NHS focus on prevention and productivity, very strong health economic evidence, and a growing body of guideline adoption, and all of these are pushing in the same direction. The market dynamics and drivers are strong. We estimate an annual total global opportunity maximum of approximately GBP 480 million across the markets shown, and that includes approximately GBP 126 million in the U.K., approximately GBP 190 million in markets which recognize our existing CE-IVD certifications. Of course, there are further opportunities in additional regulated markets, one of those being the U.S.A. For investors, the message I think here is important to take away is it is not a narrow clinical research niche. It is an unmet clinical requirement of global significance that we are addressing. It is a growing market, emerging, that is emerging in developed healthcare settings, but it is also aligned with what healthcare systems are trying to do with respect to improved patient outcomes whilst reducing avoidable costs. Product positioning I am going to take you through for each of the products. For the first one, MT-RNR1, again, we have gone through some of this, but just to reiterate, this is a very powerful example of preventative precision medicine in practice. Around one in 300 to one in 500 people carry this variant, this high-risk MT-RNR1 DNA variant, and it is innocuous. If you are a newborn baby that has that variant and you are exposed to aminoglycoside antibiotics during neonatal care, the consequence can be profound, irreversible, and lifelong hearing loss. This can be avoided. The clinical challenge, though, is aminoglycoside antibiotics are used urgently in neonatal care, and the treatment window is short for the clinician. NICE guidance, say within an hour of the decision to treat for neonatal sepsis. This is why a test that can deliver a result in a short timeframe is so important. A simple cheek swab near the point of care can inform safer antibiotic decisions during that critical window. For the NHS, the value case here is also compelling. It prevents avoidable lifelong hearing loss and it improves outcomes for babies and families, whilst also avoiding substantial downstream costs. For Genedrive, for us, this intervention pathway exemplifies our core value proposition. Fast genetic insight, real-world prevention of avoidable harm, and clear health economic value to healthcare systems. Our commercial progress is on the next slide for MT-RNR1. The progress has been encouraging. Remember, these are novel disruptive products with pathways being created that aren't there at the moment. Our progress has been encouraging, as I say, following recommendation for use in the NHS via the NICE early value assessment. Our subsequent funding by Office for Life Sciences and NIHR in a study called PALOH-UK, which was run by principal investigators here in Greater Manchester. That was recently completed with respect to patient enrollment. We enrolled nearly 6,000 babies across 14 sites in all four U.K. nations. The study report and the findings from this are going to be made publicly available and submitted to NICE very shortly, as we've disclosed. We've got routine clinical service for this product in around 20 neonatal units across the U.K. and Ireland, and importantly, implementation of this is underway at national level throughout the health boards of NHS Scotland. Importantly, this isn't just a U.K. story. We have a memorandum of understanding with the Saudi Arabian Ministry of Health via our distributor in the region, and obviously that has the ultimate goal of national implementation in Saudi Arabia. We also have routine use in the National Guard Hospital in Saudi Arabia, and you may have seen our recent announcement of implementation at Erasmus University Medical Center in the Netherlands, which is a leading institution, particularly with respect to pharmacogenetic testing. We have an expanding qualified distributor network. International traction, whilst it's early, is growing. Overall to date, we've tested more than 13,000 babies, or 13,000 babies have been tested, and more than four of those have been protected from lifelong deafness. Crucially for this type of product, it has an evidenced ability to be implemented into busy emergency care pathways, excuse me, without disruption. That creates a very strong foundation for wider adoption, both in the U.K. and subsequent international scale that should ensue. CYP2C19. There's our second major product opportunity. The clinical need here is also very clear. Around a third of patients don't respond adequately to the commonly prescribed drug, the antiplatelet drug clopidogrel. As I said earlier, this can be up to 56% in certain ethnic groups. I think you'd all agree that after a stroke or a transient ischemic attack, selecting the most effective antiplatelet therapy quickly is critical. Yet up to 2/3 of patients may be prescribed a medication that's not effective for them. Our CYP2C19 ID Kit follows a similar pathway to the MT-RNR1 test in that it uses a simple cheek swab, automated analysis of a complex genetic test, but prevents simple, actionable results in around an hour to the prescribing clinician at the point of need. The purpose here is very clear, is to help clinicians identify those patients who should be considered for alternative antiplatelet strategies rather than relying on a medicine their genetics may make less effective. The value case is also substantial. As you can see in this slide, it's got the potential to prevent recurrent strokes, release valuable bed days in the healthcare system, save healthcare professional time, and deliver significant NHS value, not only in the first year, importantly, but accumulating over several years. So there's a high impact, high value opportunity in a major urgent care pathway, and it's scalable and highly economically significant. Our commercial progress with CYP2C19. So this is also CE-IVD certified, and it's also recommended by NICE in the U.K. for use in the NHS setting. There's also an NHS England implementation guide that's been published for this type of testing to help clinicians understand how to embed it into their pathways and the downstream care pathway that's required. We're seeing routine use in leading stroke centers. We have a Scotland test of change pilot underway, which is looking at the benefits in rural settings versus centralized laboratory testing and accelerating commercial adoption. Very importantly, we're accepted onto the NHS dynamic purchasing system for both of these products, and that provides a framework for procurement. Internationally, we're making progress through distributors in Europe and the Middle East, and our U.S. FDA submission pathway is in progress under the 510(k) pathway. There are also important expansion routes beyond stroke to take note of, though, particularly in cardiology, including acute coronary syndrome, where this drug is also used. Also of particular note here is our entry into laboratory-based pharmacogenetic test solutions, and this is through our product development collaboration with Thermo Fisher, which we announced recently. That breadth matters. It means that CYP2C19 has several routes to scale. It supports point-of-care testing in acute settings, whilst also opening the route to laboratory and wider precision medicine opportunities. With respect to the political drivers, the policy environment in our space is increasingly supportive in the U.K., and the company is very well aligned with national priorities. The NHS 10-year plan emphasizes prevention, and genomics is identified as a transformative technology that can support earlier diagnosis, better outcomes for patients, and deliver long-term value. The U.K. Life Sciences Sector Plan also supports innovation, commercialization, and supply chain resilience in genomics and diagnostics. For us, this really matters because our products are completely aligned with the direction of travel. Prevention, personalized care, productivity, and faster adoption of effective innovation. Pre-market engagement and procurement signals that are emerging are also important because they provide visibility of future routes to adoption at scale in the U.K. So the market is moving towards what we do and the solutions that we offer. This shows, it's a bit of a busy slide, but it shows you why we believe Genedrive is positioned for scale. In the U.K. alone, as I've said, there are 90,000 babies in neonatal care each year and around 100,000 new stroke patients annually. The annual value opportunity to the NHS is also shown. It's approximately GBP 20 million per annum for MT-RNR1 and approximately GBP 91 million for CYP2C19. That's value at the same time of delivering real, tangible, better outcomes for patients. So the U.K. is strategically important to us because validation and adoption here can support international expansion into Europe, Middle East, and the rest of the world. The models attract a simple, rapid point-of-care solutions with a high gross margin, recurring consumable model, embedding into clinical pathways, and a platform approach that can support future tests. So the adoption pathway required is relatively clear. There's several milestones to get through, several gates to get through, but that spans clinical validation, evidence generation in the U.K., NICE recommendation, embedding into routine clinical practice, and implementation at scale. The implementation at scale is the piece to take note of. That has reimbursement, obviously, to enable prevention-led interventions, and we're moving through that pathway with increasing momentum. With respect to our journey, our journey over the years has covered early concept and clinical validation through certification, regulatory progress, NICE recommendation, NHS adoption, and we're now moving toward U.K. penetration and subsequent international expansion. This is what's important here. Each stage is built on the last. The technology's been developed with a focus on addressing high impact unmet need. Evidence has been generated through clinical studies and publications. Regulatory certification can be put in place, and NICE recommendations and NHS implementation guides have helped support the pathway adoption to where we are just now. Today, we can point to real-world use, thousands of babies tested, babies protected from lifelong deafness, expanding stroke adoption, and growing international partnerships. Our mission here remains consistent, as it always has. Rapid, accessible, actionable pharmacogenetic testing to transform patient outcomes. With respect to key financials, our financial story is also one of growing commercial momentum and capital discipline. The revenue trajectory, as you can see here, has moved from approximately GBP 0.06 million in FY 2023, our financial year ends in June, to GBP 0.5 million in FY 2024, GBP 1 million in FY 2025, and approximately GBP 1.4 million expected for FY 2026, just ended in June. Our revenue growth is increasingly driven by commercialization of both of these products, MT-RNR1 and CYP2C19, and we have early international sales beginning to contribute. As a business, we remain lean. We're around 40 FTEs. Our operating cash burn is approximately GBP 0.35 million per month, and we've reported cash at 30th of June 2026 as being approximately GBP 3 million unaudited. The message I want to convey to you here is that Genedrive is a capital-light business with a recurring consumables revenue opportunity. We have a target transition to positive EBITDA in H2 FY 2027, whilst we're very focused on growth and efficiency. If we move to the next slide. The investment case for us, we believe, is straightforward. We have year-on-year revenue growth to date, a growing recurring consumables opportunity, capital-light business, expanding U.K. adoption, and growing international distributor partnerships. Our current commercial focus is very much on the U.K., Europe, and Middle East, but there are additional regulated market opportunities over time. The addressable market is financially meaningful, but importantly, it's grounded in real clinical pathways, neonatal care, stroke, cardiology, and pharmacogenetic testing. That combination of patient impact, health economic value, and commercial scalability is what we believe makes Genedrive an exciting med tech growth opportunity. We believe the company's now moving from proving the technology to adoption and implementation at scale. Looking ahead, with respect to news flow, there are several important catalysts for investors to follow through this financial year and this calendar year. For MT-RNR1, we expect continued business as usual progression in existing clinical sites under the PALOH-UK program, progression of business cases in additional U.K. NHS trusts to implement the technologies, evidence generation submission, and our participation in the NICE accelerated access pathway, and of course, this progress towards U.K. national reimbursement. For CYP2C19, our focus includes U.K. point-of-care progress through NHS integrated care boards, international progress in Europe and the Middle East, progress on our Thermo Fisher laboratory test collaboration, and our FDA submission progress. The news flow is important. It reflects multiple routes to value creation, commercial adoption, clinical evidence, regulatory progress, procurement access, and international expansion. And of course, we'll strive to report on these as soon as we're able to do so at the time we're able to do so. To summarize, I hope I'm leaving you with the clear message that as a company, we, Genedrive, are focused on saving lives, improving patient outcomes, and reducing healthcare system cost. We're addressing critical clinical needs in neonatal care, neurology, and cardiology, and we have products that are supported by clear evidence and guideline adoption, early commercial traction, U.K. leadership, and growing international partnerships. We firmly believe the future is exciting because healthcare systems are moving towards prevention, personalization, and productivity, and this is exactly where our rapid pharmacogenetic platform can contribute and impact. We think Genedrive has the potential to deliver long-term, long-lasting value for patients, healthcare systems, and, of course, shareholders. Patient impact, scalable growth, long-term value. And I'm going to finish on the final slide, which is just for further information. You have the QR codes here and the URLs. For further information, please follow these links. The one on the left is for the company, where you'll find lots of information about our product, and the other is for our investor hub platform, where interested current and prospective shareholders can sign up to receive news, alerts, and also engage in Q&A directly with the Genedrive team. With that, thank you for your time. I hope it's clear we're excited about the journey ahead, and we look forward to updating the market as we continue to execute. And with that, I'll hand back for the Q&A session. Thank you. Well done, Gino, and thank you very much. Okay. I think I am selfishly going to start with two questions perhaps that I have from your presentation, and I noticed that a few people on the call had similar question, and that is, as a clarification point, is the focus of the business on these two tests in particular? I'm not going to try and play back the code references that you so ably articulated, but key question is, are there any new tests in development or is the business 100% about the current two tests? I can take that one. The current focus and priority is absolutely on these two targets. The reason for that, I hope was clear in the presentation that there is a clear unmet need and there is a clear political drivers towards these, and they have a clear place in the care pathway. There is a really strong rationale for them. The results are needed quickly. There are other emerging genetic targets that will evolve over time, that can also be done on the platform. There is also the laboratory-based pharmacogenetic testing that I hope I have given you the flavor for, that we have the opportunity to broaden into. But for now, it is very much laser-focused on the commercial opportunities with these two products. Okay. I am going to stay on this theme, if that is okay, because there were a few more technical questions. I think why don't we work those through? A question that has just come in is, of the 14 hospitals that took part in the PALOH-UK pilot, how many of them have transitioned to business as usual? We have announced the ones that we can announce. But I would say the majority have, but we are not at liberty to talk about the remaining ones just yet. However, we are confident that there is progression. Okay. Again, a couple of more technical questions. I will come to a revenue point in a moment, but just a few technical questions from the stand that come up. The first one being, you are relying on NICE final guidance mid-2027 as the trigger for uptake. Why isn't there an active pre-guidance adoption push, given NHS trusts can and do adopt point-of-care diagnostics ahead of formal technology appraisals when local business cases suggest that makes sense? Again, I can take this one. I think it is a very good question. I think that is a question I would love more people to direct to NHS England and NICE, but the reality is that, the issue with pathways like this, where you are delivering value downstream of where the cost implication is, there is always that funding silo that becomes difficult to overcome. You are inducing a budget into someone's department that did not have it before while saving money in a downstream pathway. Unless there is funding within the same umbrella of the people who are incurring the cost as recognized and the savings, it is always difficult for people to move that around. That is what the system is trying to change. The technology assessment pathway aligns med tech to medicines, which creates an environment where health boards have 90 days, I think, legally, to consider implementation and if it has been NICE recommended, and if not, provide reasons why. That comes with financing. That is the intention of NICE, through NHS England. But it is important that you move the funding up to ICB level, up to national level, and that is what these two pathways are aligning to. The July 2027 date is important for us because obviously that is when NICE have communicated they will release their final recommendation based on all the evidence that is submitted, but it is also the timing that NHS England have indicated that the procurement tender pathway will coincide to be in time for. Both of those pathways are aligning to that point in time next year. Okay. Then I think on an aligned theme, a key question that has come up is, competitors like Una Health, Credo are now consultees on the same NICE appraisal. What is stopping them taking first mover commercial position while Genedrive waits on guidance? They are subject to the same. Una is a distributor. Credo is the manufacturer based in Singapore. They are subject to the same evidence requirements as Genedrive are. The early mover first advantage is not available to them without going through the NICE pathway in the same way that Genedrive has. Thank you. Next question on the technical content. When will the Thermo Fisher collaboration be complete? What is the potential value of high throughput testing, especially in the U.S.A. worth year? Yeah. At the moment we shouldn't speculate past what we've announced. The focus is on developing a laboratory-based CYP2C19 test for use in centralized diagnostic laboratories. It uses our expertise. It uses Thermo Fisher's expertise, but importantly, they're a global molecular diagnostics player with a large install base in the diagnostic testing arena. Importantly, they have a wide coverage of pharmacogenetic test solutions, and there are many other tests that make sense in the laboratory pharmacogenetic testing space. We see this as a first step in that. But we're focused at the moment on the opportunities that arise with a laboratory-based CYP2C19 test in addition to our point-of-care test in market. It's very complementary. Understood. Having listened to your presentation, some of your answers here, I think a key question that's triggered in my mind is, okay, your revenue projection, what are the bigger revenue drivers, as you look ahead? What are the kind of indicators that you would point to investors to look at? I'll take that one. I think there's sort of several drivers that we look at. I think first and foremost is progressing the national tender and the reimbursement pathway for NHS England. That tender's due to be announced in January, go live July. That coincides with the NICE financial guidance outcomes. Evidence and that the adoption becomes repeatable. Moving away from reference sites into multiple routine implementations. In practical terms, that means that a site that transitions to the business as usual, as Gino was describing before, and continued adoption through the NHS trusts and regional ICBs. Important is utilization, so that once the site's installed, it becomes recurring testing so that the activity is what demonstrates that we're embedded within the clinical pathway. Beyond the U.K., so continued progression internationally. As we go into European countries and the Middle East, and obviously the CYP2C19 lab test as well with the Thermo Fisher collaboration. I think if we are making progress against all those areas, then investors will be able to see us more as a commercial diagnostics business. Okay. Which I think leads me nicely onto the next question and also a question I had, but also a question that has come up by one of the attendees. Clearly, your projection, Russ, you showed in terms of what your cash burn is and also your revenue. There was a question relating to, okay, that is your cash burn in FY 2026, what is your expectation in 2027? Which leads on to my question, which is, what are the bigger milestones to become self-sufficient? What is the trajectory towards, yeah, milestones trajectory to become self-sufficient? Yeah. I think conceptually, the pathway is relatively straightforward, and it is about converting the clinical and regulatory validations and that the routine use test volumes increases. Also keeping a very disciplined cost base. As the transition of the revenue with the individual deployments are generating recurring revenue streams with the clinical use, and the utilization of those grows, the revenue characteristics of the business becomes more repeatable. I think that combined with achieving this in a very capital efficient manner, is what would drive us to being self-sufficient. Okay, thank you. Gino, sorry. Thank you for the financial, Russ. Next question, Gino, I think probably will come back to you as I go through the list. Apart from your two lead projects, are there any other clinical unmet needs that could be addressed using the Genedrive genotyping technology in order to rapidly identify the optimal drug regime for time-critical treatment? It is basically an opportunity question, Gino, what other opportunities for rapid testing are out there? Yeah. I would say the business case and the clinical case is the strongest for these two. With respect to the requirement for urgent rapid testing in emergency care. But when you think about the opportunities for pharmacogenetic testing, it is outside of a diagnostic lab. It is broader than this. It is broader than MT-RNR1 and CYP2C19. There are groups of genes, relatively small groups of genes that can influence, as I said earlier, at the start of the presentation, drug response for a wide range of commonly prescribed medicines. Antidepressants, analgesics, and such like. So I can envisage a world in the future where this type of pharmacogenetic testing is delivered outside of centralized laboratories, and we move away from trial-and-error medicine where your doctor prescribes a drug, three weeks later it does not work, you increase the dose, you reduce the dose, you try a different one. You can prevent all of that by testing up front. But that world is not here yet. That world exists in diagnostic labs, central labs. Talking about central labs made me put a link to this question. How long does it typically take to genotype your target patient using standard laboratory tests? And how does that compare with your MT-RNR1 and your two tests, basically? Yeah, no, it is a great question. And we probably did not cover it. I think it was in the slide, but I did not cover it. So it is really important. Centralized laboratory testing, it depends on where you live in the U.K. Obviously, if you are part of our test of change pilot in the Western Isles, in Scotland, for example, you are getting your sample taken there, and it is sent back to either Dundee or Glasgow. It takes anywhere from three to five days to actually do the processing and the testing and having the result. Getting that result back to the patient and back to the prescriber that needs it, overall, it can take up to two to three weeks. Now, the patient is normally gone from the care pathway at that point. They are further downstream. They are not accessible anymore. How that compares to I should say, some labs, very well, very mature, very high throughput labs, may be able to turn this around in days, but it is certainly not minutes and hours, and that is what is required, and that is the advantage with our testing. For RNR1, 26 minutes. For CYP2C19, just over an hour. While the patient is still there and the attending clinician can make the appropriate prescription. Okay. That was a question about timing and pace of turnaround. Someone has asked, "What is the average unit price per test? The DPS system has a list price of GBP 110 for the RNR1 test and GBP 120 for the CYP2C19 test. Okay. Thank you for that. Gino, I think one for you. Could changing the names of your products to something that describes what they do aid adoption? I- Could it be made more intuitive? Yeah. I slightly relate to that because you and I were rehearsing the acronyms this morning. Yeah. No, listen, I take that. I do take that. I think the names are the names of the genes. They're recognized by the clinical stakeholders and pharmacy stakeholders. Having whizzy, jazzy names that don't refer to the gene name isn't necessarily a sensible thing to do, because then no one knows what clinical pathway they're directing. But I take the point. They don't flow off the tongue. We don't name the genes. Okay. Thank you. Just so that I'm clear. I realize, and you talked to this, but I'm not completely clear in my mind. You've got some NHS trusts on board. How long does it actually take to onboard an NHS trust? I recall your market opportunity, U.K., Europe, and America. But what does it take to get these tests into an NHS trust? Yeah. I will be honest about this. It varies widely. You have to remember, at this moment in time, there is no national implementation, and there is no mandate at national level to test. When that becomes the case, I think the time frames will get more condensed and quicker. NHS Scotland were very quick. They have done their assessment. They have taken it on. They have rolled it out to the Scottish health boards all in the time that we are still going through NICE assessment in NHS England. Trusts in NHS England are, they are looking to a NICE recommendation for implementation mostly. You do have early adopters, and you do have trusts that have local funding options to support implementation, and that is very much behind our 20 or so sites that we are active in the U.K. at the moment. Of course, we believe that will change when we get to the point of national funding and mandate to test. But in terms of time frames, it can be anything from a few months to a couple of years, depending on the region, internationally or in the U.K. Without fail, outside of the U.K., there is always the steps to go through of registration, key opinion leader, pilot studies, assessment of those pilot studies, reimbursement pathways and codes, and then implementation. That takes time, and it is different in each of those countries. But in the U.K., the path to that is becoming increasingly clearer. As I said, at least for MT-RNR1, as we move towards that July date next year, which I must stress was communicated by NICE. It is not our timeline, it is NICE's timeline. That should be facilitated. But in the meantime, you may find sites that are wanting to adopt, but they are waiting for that final guidance and that final indication of reimbursement and how it is paid for. Okay. Understood. So that is quite a critical date for you as a business in 2027. Okay. Just linking to the international question because you showed, of course, the market opportunity internationally. What are you focused on? What does it mean for the business in terms of markets outside of the U.K.? The clinical needs of the tests are global, as Gino demonstrated with the market opportunity. The real-world evidence and implementation that we are generating within the NHS is a very important foundation for expansion into other healthcare systems. NICE has significant international standing, which of course, is helpful to us. We are seeing encouraging progress in our two near-term target markets of Europe and the Middle East. Recently, there was an implementation of the MT-RNR1 at Erasmus University Medical Center in the Netherlands, alongside commercial activities progressing in Spain, Saudi Arabia, U.A.E., and other countries. The commercial strategy is to work with in-country distributors and clinical partners who understand the healthcare systems, can help establish clinical commercial pathways in each local market. That would allow us to expand geographically without building up large direct commercial infrastructure to support each individual territory. Our focus is U.K., Europe, and Middle East. The U.S.A. represents a significant longer-term opportunity, and we will continue with the U.S. regulatory pathway progressions, and we will update the market as those milestones are achieved. Okay. Okay, understood. Just so that I am completely clear, I have asked this question again, but I want to ask it last time. Last question from me. Where do you see the next big opportunity for your technology? RNR1 testing in neonates and CYP2C19 testing in stroke. CYP2C19 at the moment is very focused on, in the U.K., the NICE guidance revolves around recommendation for use in ischemic stroke and transient ischemic attack. But very importantly, as I think I alluded to earlier on in the presentation, clopidogrel is also used in other indications in cardiovascular. In the U.S., for example, the American Heart Association released a scientific statement that basically just said this type of testing should be done across all of these indications in which the drug is used. I just want to reiterate, it is not a narrow clinical niche. It is a very large opportunity just with these two tests alone. But I think, for me, the diversification into pharmacogenetics with laboratory-based testing opens up a number of very interesting opportunities that may be available to us, with our existing collaborations and- Okay. Had a lovely comment come in saying, "I am even more impressed now." Final technical question. The question has been posed as this. It says, "Is the local wildlife affected?" I do not know whether this reference is to animal testing or anything like that. I thought I would just to that is where my brain went, so forgive me. Forgive me to the person who has put the question there if I misinterpreted wrong, but If the question is about animal testing, not from Genedrive. Our tests do not have any relevance or requirement for animal testing. Thank you. Thank you for confirming that. Okay, I am just going to have a last little canter through the questions. Okay, I think we have moved through certainly, questions I had, and I think all the key technical questions. Gino, it probably does not come as a surprise to you that there are a few questions that I have not gotten to because we have made the decision that a few of those questions, you will make, as CEO, you will make a commitment to get back to the individuals that asked them via an email as opposed to this webinar. So I would say to anybody on this webinar, I am conscious that I have five questions on here that I have not had the opportunity to get through, that we have a commitment that we will follow up those questions outside of this webinar. Okay? Then that leaves me, Russ, Gino, is there anything you would have expected either myself or the attendees today to ask that hasn't been asked? I- Or any final thing you wanted to cover? No. For me, just thanks again for your time and for your support. I hope it's evident that we're excited about the opportunities that are directly in front of us. Okay. Well, we had 77 people join us today, so that goes to show how welcome and popular this update was. I think we draw a line under that there. Thank you, Gino and Russ, and well done as well for without seeing your audience, presenting. Thank you to all our members that have joined and dialed in today. We will follow up on those questions. If there's anything that I can help with, you know how to get hold of me. Please do not hesitate, and we'll follow that up outside of this meeting. Thank you everybody for joining us today, and I wish you a very wonderful rest of, it's Thursday, isn't it? Thursday. Thank you so much for today, everybody. Thank you. Thank you. Thank you. Take care, and bye-bye. Bye-bye from all of us.