Good afternoon, ladies and gentlemen, and welcome to the ImmuPharma PLC Corporate Update. Throughout today's recorded meeting, attendees will be in listen-only mode. Questions are encouraged. They can be submitted at any time using the Q&A tab situated on the right-hand corner of your screen. Please simply type in your questions at any time and press Send. Due to the significant attendance on today's call, the company may not be in a position to answer every question received during the meeting itself. However, the company can review these questions and will publish any responses via the platform in due course. Before we begin, we'd like to submit the following poll, and I'm sure the company would be most grateful for your participation. I'd now like to hand over to the management team from ImmuPharma PLC. Tim, good afternoon. Thank you, Mark. Good morning, everybody. Thank you very much for joining us here today. The purpose of today is to give a pretty detailed rundown of the details of the funding and the reasons for the funding that we announced earlier this week. As you'll see on the screen, I've got my two colleagues with me. Let me introduce myself, Chief Executive Officer, Tim McCarthy. On my left, your right is Dr. Sébastien Goudreau, who's our Chief Scientific Officer. On my right, your left, Dr. Tim Franklin, who's our Chief Operating Officer. We'll all be taking different parts of the presentation to explain the details of each section. If I can just go back to this slide here. Before we get into the detailed presentation itself, we've already had quite a number of pre-submitted Q&As and various feedbacks during the week from the shareholder base. I just wanted to address two or three pretty important key points before we get into the detail. Firstly, I wanna make absolutely clear to everybody listening today that P140 remains our absolute focus. Whatever we're doing with Kapiglucagon, which we'll explain in detail through the presentation, doesn't take away anything at all from our focus on P140. That is our main value driver. It remains on track for licensing deal in this year. Again, we'll come back to talk about that in a little bit more detail. I think it's really, really important that people do not get diverted from that message and believe that reasons, any reason or reasons that we have done this deal this week has anything to do with our losing faith in P140 or that it's not progressing on track. That's not the truth. I just wanted to put that right up front, but we will come back to P140 and give you a little bit more detail on that. The second point is, why have we raised money? Tim McCarthy as CEO has said quite consistently that we are not raising money. We're concentrating on taking forward P140. That's the questions I get back and the feedback I get back, and I understand that. It was never our intention to raise money. There is no need to raise money from a financial perspective at all, and that's some of the other observations that have been addressed this week. The only reason for even considering taking this money on board was because we were approached by a number of our long-standing shareholders who had money to deploy. They recognized the fact that the company was undervalued, and they were keen to help us, in my description, build the company. This is about building the company. It is not about running away from P140, which is some of the questions or comments which have been made, quite the opposite. The third point I just want to make is why have we chosen Kapiglucagon? We will go into that in a lot more detail. It was done on a very, very strict criteria of how we do all our project evaluations. When we decide to invest shareholders' money into any of our developments, we have to go through a proper professional evaluation, which has a lot of criteria to decide whether or not it's a valid project. Kapiglucagon ticked all those boxes. I'll let S ébastien speak to this later on in the presentation. I think you'll understand when S ébastien talks about Kapiglucagon, his excitement for it and the uniqueness of that product. You will understand why when we got offered the funding to dedicate to that development, it was a decision that was easy to make at the end of the day. It is about building the company. One company is not built on one program, in other words, P140. Since we took the management of the company five years ago, this is what we've been building towards, to build a sustainable company with a wide portfolio and build shareholder value. I just wanted to make those points up front. We'll be going into each one in a little bit more detail as we go through. Let's just run forward to the detailed slides. This comes back right up front to P140. It is absolutely our total focus. It's our core value driver, as the title says. You will remember, all of you that know the company very well, that we had some big advances in that program last year. In September, we announced a new patent filing, which was based on the work that S ébastien and his team had put in over the previous few years. Taking P140, or what some of you remember used to be called Lupuzor, but now we call P140, taking it from a program which had one disease indication that it was targeted on, i.e. Lupus, into an area where we now have the opportunity to treat up to 50 autoimmune diseases, i.e. the ability to treat all autoimmune diseases across the piece, not just one. That was a result of the scientific progress that S ébastien and his team achieved so we've been able to recognize and understand what the mechanism of action is or MOA as we call it, the dosing regimens we need for treatment of diseases and also made great advances on how do we identify those patients that will respond to P140, what we call Type M. Not forgetting the fact that we've also in all of that we're now able to diagnose patients. Putting the diagnosis and treatment together is very, very powerful as we go forward. That's all as a result to the work we've done in-house and what we announced last year through the patent. That patent, which was filed last September, is progressing through. It's in the inquiry phase now through all the different jurisdictions that we filed it in, and S ébastien I think might say a little bit more about that and his confidence of that going forward. Going back to the core point of where is P140, what's its next step? Yes, let me address the point that last year when we put the patent announcement out, I said quite clearly that we were looking to close a deal with a partner by the end of 2025. We didn't meet that objective, and I recognize that, and I think I said so when we updated the market in November. However, we are making great strides on that this year, and I'll let Tim speak to that when we come on to the activity around the licensing. Knowing what we know and all the discussions going on, that's why we've got very, very high level of confidence of concluding that deal this year. Just, an introductory slide on Kapiglucagon. So I think I mentioned in my introduction that this wasn't something that we were looking to take forward now. We wanted to move it forward, but we just didn't have the financial resources. As all small companies in our sector know, we are cash-starved. We have to rationalize or ration, I should say, where the cash resources go to. Very much in the last number of years, that's all been dedicated into P140. The fact that we had the opportunity completely from left field, not that we were looking for it or went out, to ask anybody to fund this program. The fact that we had the opportunity to devote some cash directly into Kapiglucagon was both unexpected but also a delight. As we'll go on to demonstrate, there were certain criteria that we looked for to say, is this a program suitable for us to take extra funding on board? Yes, it was. S ébastien, I think, will run through that when we get to the more detailed slides. I want to make again the emphasis that deciding to go forward with Kapiglucagon does not take away the value from P140 at all. We are building a strong company here with a broader portfolio and there's a slide later on in the presentation which talks about the individual value of Kapiglucagon on its own. I think that will help everyone to understand why we've decided to take this extra funding on board because the value of Kapiglucagon on its own stands up. I know a number of shareholders and commentators have asked, "Well, why are you diluting at this point?" I would answer that in this way. There's a way of looking at dilution in two ways. You can look at dilution as being a percentage. i.e. people are concerned that when we take more money on, we issue more shares, we dilute their interest in the sense they don't have the same percentage of the company they used to have. That's one way of looking at dilution. The other way of looking at taking more money on is does the net impact of taking that extra cash on and issuing more shares lead to a greater overall value of the company and so increase shareholder value? Down to each and every one of you, whatever the number of shares you own is very much about what they are worth, not the percentage of the company. We are absolutely convinced that bringing Kapiglucagon on now with the opportunity to fund it all the way through this accelerated program for the next two years will add that value more in excess of if we hadn't taken money on now. Just before I hand over the next slide, I just want to bring S ébastien in on those first two slides. S ébastien, would you just like to give your view on where we are with P140 and where we are in the stage of development? Yeah, sure. I mean, with P140, we are basically on track. Nothing changed really, except from the fact it's more positive. I mean, P140 is unique, like we mentioned, like the results are, I would say incredible. It's very exciting when you look at the data that we have already discussed about, but the data we have on human cells that we can see the effect on P140, what it's doing. I mean, this is very exciting on a scientific perspective. All the discussion I had with scientists, they were all excited about this. I mean, there's absolutely no issue there. Everything is on track. The patent is on track. I mean, when we can, we'll make new announcement on this. Yeah, I think very exciting. No, it's not about P140. The thing is actually in R&D, we are doing more than one project. There's many projects actually going on. And of course, we don't talk about everything. One of the project that actually I was myself promoting and strongly since 2024 was Kapiglucagon. That's. How can I say? It's like, it's my little baby project, in the sense that, I designed the molecule in 2017, and then we developed it with the team at the time. We did a lot of work on it, and we know it works. We saw at that time, you know, when it was developed, there was a push toward the rescue product, and then you had some on the market that arrived. The project was put a little bit on hold, but then we saw the clear possibility for the bi-hormonal pump system, and this is really where we can shine. For me, there's no doubt we have the best product, and I'm really happy that we can finally move forward with it. Thanks very much, S ébastien. Okay, I'm gonna hand over to Tim to take us through the Kapiglucagon from his perspective. Thanks, Tim. The Kapiglucagon product profile is. It's ideal for Type I diabetes market. I'll explain to you why. First of all, let's just go through the disease itself and what causes it. You're probably all aware of someone that suffers from Type I diabetes. It's a result of the pancreas not producing insulin, not producing enough insulin to manage the blood glucose levels in the body to normal levels. Interestingly, Type I diabetes is an autoimmune disease, so there's a parallel to what we're doing with P140. This disease attacks the insulin producing cells of the pancreas, the beta cells. It typically occurs from the age of four years to up to 14 years, 15 years of age. That's when it generally peaks, but it can still appear at any age. Currently, there is no cure for Type I diabetes. As many of you are aware, the treatment aims are to keep blood glucose levels as normal as possible using insulin, either in the form of injections, the use of pens or pumps, which I'll come onto in a moment. Yet despite the widespread use of insulin in the market over many years, and there've been lots of different types of insulin, short acting, long acting that have been used, people with Type I diabetes still have a shorter life expectancy, by up to 20 years in some cases of shorter life expectancy. What generally happens over a long period of time, because the glucose levels are not managed as tightly as they could be, that a lot of patients will develop serious complications over their lifetime, affecting their eye, foot ulcers, heart disease, high blood pressure, kidney disease. The moment someone starts to develop Type I diabetes, the kidney disease clock is ticking, and it takes many, many years for the effects of you know, high glucose to affect the fine, if you like, filtration mechanism of the kidneys. Not only that, but of course, those serious complications over a lifetime lead to massive economic burdens for society. For example, in the U.S., there's about GBP 800 billion in cumulative societal costs. A huge impact. Not only that, but we're faced with that problem increasing over the years. As you can see here, you've got increasing prevalence of Type I diabetes forecast in all the markets around the world and growing faster in some of the developing markets as well now. Let's come back to pumps for a moment and consider their place in insulin therapy. Now, pump use in the U.S., and the U.S. is pretty much more advanced in terms of the market activities there. Pump use, and this is insulin pump use, is used in around 50%-60% of cases. This is an example of Beta Bionics' iLet system of where we are today. These are really cool sort of funky technologies now with very small miniaturized systems with glucose sensors on the body, and then there's a cartridge, as you can see there. It's in this case an insulin cartridge, and that delivers insulin through into the skin. The beauty of this, and one of the important things about insulin or insulin therapy is you don't need to count your carbs or carbohydrates because that produces glucose. A lot of the sort of advantages of these systems is that they can constantly monitor your glucose levels without the need for pinpricks or that sort of invasive procedure. There's a little point at the bottom there saying that bi-hormonal pump is in development with Beta Bionics. Just remember that, and I'll come back to that in a moment. If one looks at the insulin pump market, and this is taking just the insulin pump market, forecast from a market research group, the forecast is for that to become worth around GBP 13.6 billion by 2035. That includes the devices or the consumables and obviously the cartridges with the insulin in them form part of that. Our own internal forecast for Kapiglucagon, over the next 10 years, well, 10 years post-approval, is $3 billion. I can pretty much say that that's quite a rigorous conservative approach built up through, prevalence figures, what we know in the market today in terms of pricing and uptake. To control blood glucose normally in the body, it's not just insulin that is involved. There's actually another hormone called glucagon. Ideally, the combination of both of these hormones gives better control of blood glucose. Blood glucose is measured by something called HbA1c, which is the glucose attached to the blood in the system. You can see on the right-hand side there, if the glucose levels go too high, you need insulin to bring the glucose levels down. If it goes too low, you need glucagon, ideally, to bring that back to normal. It's a balancing act of trying to keep the glucose levels within a tight range without them going too high or too low over time. If they go too low, you get hypoglycemia, low glucose, which is due to dysfunction of glucagon secretion from pancreatic alpha cell. This is the aim, to ideally look at both insulin and glucagon. You know, why is that not being the case? There are three main messages from this slide. One with respect to glucagon itself, the second in terms of where do we go from insulin pumps, and the third, well, it's actually happening at the moment. The first one addresses the fundamental problem in the market today, and that is the need for a novel, stable glucagon liquid formulation. There just isn't one. There are formulations that try to meet this requirement, but they're falling well short. The second statement is in regards to an article in The Lancet, which clearly showed that you get much better control of glucose levels by using insulin and glucagon in a bi-hormonal fully closed loop system. Now, not the ideal glucagon, but nevertheless, they managed to get some good results there. Thirdly, there you'll see that Beta Bionics, this is the device I showed you earlier in the slide deck, is not only in the mono insulin area, but it is now developing an automated delivery of insulin and glucagon using another glucagon formulation which S ébastien will come on to, is not ideal. The drive is there to move to bi-hormonal pumps. And clearly it's a market there where there'll be significant growth, where you should see switching from mono insulin devices to dual hormone devices or bi-hormonal devices over time. However, we need a stable form of glucagon to do that. I'll hand over to S ébastien. Yes, indeed, because glucagon is inherently unstable in liquid solution. It aggregates, forms fibrils, degrades rapidly, and can gel. This makes formulation particularly challenging for pump use, where clogging can compromise reliable dose delivery. Without stable liquid formulation, continuous glucagon delivery is not feasible. No currently available formulation fully meets the requirements for chronic pump use. Existing approaches rely either on non-ideal excipients or on glucagon analogs with potential safety concerns. Kapiglucagon addresses this barrier while preserving the benefit of native glucagon without risky metabolites. What does it mean? That is what has been preventing the development of a bi-hormonal pump: the fact that it's really difficult to make a cartridge with glucagon in solution in a physiological solvent like saline. Different approaches have been developed to solve this problem. For example, to change the formulation, to use non-physiological solvent, which would be the approach of Xeris. Which has the problem, you know, ideally you want to have a, like, water-based solvent. The other approach that have been used is to modify the peptide, so modify the sequence, which would be the approach of Zealand Pharma with dasiglucagon. In that case, you can improve the solubility, make it soluble in saline solution, but then you modify the sequence, you don't have the same pharmacodynamic. In their case, they introduce, for example, non-natural amino acid. You don't have natural metabolites. In our case, with Kapiglucagon, the approach we use basically to solve all those problems is to use a prodrug. You have the best of both worlds, meaning that you can increase, well, actually making it soluble in saline solution while having the active being glucagon. Like I mentioned earlier, this was discovered in my lab in 2017, and we filed a patent in 2018. Kapiglucagon is a prodrug of glucagon converted in the body into glucagon and natural amino acid. This approach is designed to combine the benefit of native glucagon with a favorable safety and tolerability, yeah, almost, profile. We intend to pursue approval via the U.S. FDA 505(b)(2) pathway. This pathway enables partial reliance on existing FDA data for approval for an approved drug, in this case, glucagon, together with product-specific supporting data, in our case, Kapiglucagon. Compared to a full NDA, this pathway is expected to provide a more efficient development and regulatory route. Of course, patent protection may be further extended through PTE/SPC. Yeah, so the bottom line is basically we think we have the best glucagon for the bi-hormonal pump. The fact that it's a prodrug allow us to make a very quick development at lower cost. Just carrying on from that, picking up the point that is very important here. One of the key reasons why we chose Kapiglucagon to get funded through this methodology was the ability to move it through this regulatory pathway, which S ébastien just described, which for us, it lasts approximately two years from when we start sometime in the near future. This slide is on there to illustrate two things. One, to illustrate the pathway through and all the different steps that we're taking and to demonstrate that we have high level of confidence that we can meet those timetables and get this product into commercialization from our perspective extremely quickly. In fact, ironically, although we're only just picking up this program at this point now, this will get to market way before P140. Now, obviously, there's lots of value added points for P140 over the next period, not least the partner deal we're going to do this year. As we move it through with our partner, it will go through further clinical studies and that will continue to add value, et cetera, et cetera. Even taking the quickest route of P140 to get a product onto the market, this Kapiglucagon program is going to beat it by years. Again, back to the value adding of Kapiglucagon, that's a really important point to take on. The other reason for putting this slide out like this is we're a small biotech company, a listed company. We live or die on our news flow and don't we know that? This is our presentation to you of where we believe that positive news flow is going to come over the period of the development of the next 18 months, two years, very, very regularly. We've blocked it out here in 1/2 years. You can see there's an awful lot of news which is coming over the very near future, which will, one, confirm that the program is on track, but also just feeding the messaging that we are on track and we're adding value. That value is going to lead to this product being commercialized, as I say, sometime within the time frame of the two years. If you look halfway down, we've got highlighted potential for partnership deal at any time from this point. That is, if you look at the graph at the bottom, we've got the first two sections. The pre-IND meeting is what we're going to be moving into very quickly to discuss with FDA the details of the study, although we've already got outside opinion from consultants on this. We're pretty confident of what we've got. The next is the actual work. The CMC, the preclinical, et cetera. Then you move to a point where you just get confirmation from FDA on an IND that you can take it into a human study, which we're calling the SAD study. Once you've got to the point of achieving an IND, that is extremely valuable, both in terms of ticking the box that we've got this product ready to go into studies, but also very valuable from a partnership point of view. We've already been reaching out last year when Tim was doing a lot of background work in Kapiglucagon just from a market perspective and reaching out to some of those companies that are, well, all the major companies that are in this pump market. There is tremendous level of interest from those parties and said, look, if you can crack this, then you've got an absolutely stupendous product. All of them would be interested in talking to us about this. We've got a ready list of people, which are the top companies in this pump market that we're ready to go to. Certainly we will keep them informed running through the program. We will definitely be picking up the discussions at that point we get the IND. It may be that we do a partner deal at that point, and then the cost and the development is done by a partner, or we decide that it's worth the investment ourselves to add even more value to get the data from that stage study. That's the decision we can take at the time. This is, I think, a really good slide to illustrate one of the main reasons why we've taken this extra money on now to develop Kapiglucagon. Just to emphasize a point without going over the top on this, the investment proposition with Kapiglucagon was very much, as I think I said right up the front of this presentation, that when we were offered the opportunity to take money on to develop a product in our portfolio, we went in internally and we all got together and said, "Right, well, what do we have?" We've got, you know, a number of products at early stage of development. From our perspective, there was no rationale for taking money at this point when we'd said very clearly we weren't gonna take any on and putting it into some of our very early sort of preclinical programs, maybe the anti-infectives, for example, which, you know, we've talked about before. There was no way we were gonna add value quickly enough and in the right amount in order to justify taking this money on. We were very aware of we're taking a decision here which will take people by surprise, not least the fact that nobody was expecting us to raise any more money, and we said we weren't, and we weren't intending to. When you look at the facts of Kapiglucagon, the way that S ébastien has just explained it from a technical point of view, the way that Tim has just explained it from a market perspective, the fact that we've got a very, very accelerated program between 18 months and two years, which follows a well-trodden path for these types of developments, not in insulin per se, but in these type of products. It's there. We can add value extremely quickly. I go back to the value proposition of yes, we are diluting existing shareholders, assume they don't follow their money in this particular deal, but we're diluting to add extra incremental value. It's about where the value of the company arrives at and the shareholding you have and what that shareholding is worth, not the percentage of the company. I'm very aware, and I want to make that clear, of people's concerns about dilution. All of our decision-making was based on we are only gonna take this extra money if it means we can get straight on with Kapiglucagon without waiting any further and it's gonna add value in the short term. It will do. We're absolutely convinced about that. The bottom of the slide is repeating a little bit, just giving a little bit more detail where Tim was speaking earlier about our internal projection of Kapiglucagon sales around GBP 3 billion per year. That's based on the usual analysis, that we do when we evaluate any project, and which we did for this one, obviously. It's a matter of taking assumptions on the growth of the market, the market penetration, which we believe Kapiglucagon can have, the pricing, and you'll see that we're not being over-optimistic in terms of the percentages. You know, for example, we're looking at a market share of 34% in the U.S. and 17% in Europe. You know, if you understand what S ébastien was saying about the absolute superiority that Kapiglucagon has about anything else on the market, and there's nothing else coming up to challenge Kapiglucagon. It's absolutely, you know, on its own. To project 34% and 17% as our market share is pretty conservative, but that's one of the basic assumptions where we come to that sales revenue. Now, you convert that into value for the company and what we normally sort of run our NPV models and what the underlying value of the company will grow. That's why we made the decision to take that money and invest it in Kapiglucagon. Let me just touch on the fundraising. We have announced this week that there is a GBP 6 million investment from Lanstead Capital. A lot of you will be very familiar with Lanstead because we've had Lanstead on our shareholder register for the last 10 years now. This will be the eighth deal we've done with Lanstead. Let me just take a moment to talk about that. Lanstead have been a fantastic supporter of the company, and as we've had to raise, like all small biotech companies, capital at various points, you know, over the period, we go out to the market and to existing shareholders and potential new investors to come in and support our programs. We're in a difficult market for small biotechs. We have been for a long time. A lot of the traditional funders of our type of company, if I go back 15 years, 20 years, they've all disappeared for various reasons. It's very, very difficult to keep funding a company like ImmuPharma to go through. Lanstead, I know it's not everyone's cup of tea, and there's lots of criticisms of the way that Lanstead put their money in terms of the sharing agreement, but they have been there for us every single time we've gone to raise money. Their money, alongside other investors' money, has been the reason why we've been able to progress P140 to where it is and have such an extremely valuable asset in P140. Again, they're coming behind the investment into Kapiglucagon for the same reasons, 'cause they're practical investors, pragmatic investors. They don't just put money in if they don't see the value proposition. I know that a lot of people talk to me about Lanstead and say, "Well, we don't like the way that Lanstead operate in terms of sharing agreement, and you don't get as much money as you have committed, or perhaps you do sometimes." This is all based on news flow. When I said earlier about news flow drives a company like ours and the share price and the valuation. Yes, we've had ups and downs on some of the sharing agreements with Lanstead over the years. We've had some very good deals where we've received a lot more in the commitment than was originally pledged without any further dilution of shareholder interest. We've had less. Again, that doesn't affect the dilution in any way, shape, or form. There is a direct correlation between the news flow that we put out and the return we get on that deal. If I pick up the latest, the last one that we did last year, which was a relatively short one for seven months, that coincided with the announcement of the patent announcement on P140. We all saw the share price rise from similar levels to where it is today, touching GBP 0.18 Or even touching intra-day 20p at one point. If you equate that sort of performance to what we're currently going into a deal with Lanstead, they've pledged GBP 6 million. We've got what they call a benchmark price of GBP 0.08. If we average GBP 0.08 Across the 20 months of this agreement, we will get GBP 6 million in total across the period. If you look at that GBP 0.08 And we put this year a deal announcement out on P140, we confirm that we're pushing ahead with Kapiglucagon and go back to that news flow slide that we talked about. There may be other things that we can update the market on in terms of what else we're doing, progress on the patent prosecution for P140, for example. There's lots and lots of news flow coming up over the next six months-12 months. That by its very nature is gonna drive positive sentiment. It's gonna drive share price. If we go from doing simple math from GBP 0.08 -GBP 0.16 On average across, we will get an extra GBP 6 million for no further dilution. That extra money can go straight back into the portfolio to keep developing other products, again, for no further dilution for shareholders. That's adding value for all shareholders, even those who are not participating in this particular round. I'm acknowledging that the Lanstead sharing agreement arrangement is not everyone's cup of tea. I think the decision to take that Lanstead money this time, we're taking it at exactly the right time for the benefit of all shareholders, and that's why we're keen to take it. Now, associated with that is the wrap, which closes today, in fact, at 2:00 P.M. for anything up to GBP 1.5 million. We deliberately put that in there because we wanted to give the opportunity for all shareholders to participate. The issue price is GBP 0.06. Again, that funding is dedicated to the fast-tracking of Kapiglucagon. We didn't need to raise this money. We weren't going to raise this money. It's gonna be dedicated to Kapiglucagon, and that's gonna drive that value that I keep talking about. As I've said more than once, we absolutely expect to generate that strong positive news flow over the next 12 months-24 months during the period of Kapiglucagon. Just to finish on this slide, we have not changed direction. We have not lost faith in P140. We are doing this transaction to strengthen our portfolio, build real value for shareholders going forward. Certainly, the feedback we've been getting on the discussions on the P140, licensing deals are very positive. Tim gave you an overview of that. In fact, I might ask Tim in a moment just to give you a little bit more detail on that because I know we've had lots of questions on where we are in that process, what exactly is going on, et cetera. We'll try and put a little bit of skin on the bones for that for you in a moment. The summary I would say is those are going very well. That's why we're very confident of that news flow coming through on P140 this year. Accelerating Kapiglucagon, we've talked about, and just concentrate on the fact that it's an accelerated two-year program. It has absolutely individual appeal to that marketplace. We've had that confirmed from the leading players to us and said, "If you can get this development, we will take it from you." It will just change the market profile absolutely. We've talked about Lanstead and the near-term catalysts. I've also said the wrap retail offer is there for the shareholders, and that close at 2:00PM this afternoon. I do believe I got my presentation right, that is the last slide. That's great, Tim. Thank you very much indeed for updating investors. Ladies and gentlemen, please do continue to submit your questions. Tab situated on the right-hand corner of your screen. Just while the guys take a few moments to review your questions submitted already, I'd just like to remind you a recording of this presentation, along with a copy of the slides and the published Q&A, can be accessed via your Investor Meet Company dashboard. Tim, as you can see, you've had a number of questions from investors today, so thank you to everybody for your engagement. If I may just hand back to you to take us through the Q&A. Thank you, Mark. I've got the questions in front of me. There have been a number of pre-submitted questions, i.e., before we started the presentation. If I flick down to the bottom, there's a few come through while we've been on air today. Now, certainly a lot of the pre-submitted ones, I haven't had a chance to read the ones that have just come through yet. A lot of the pre-submitted ones I think we have covered in the presentation. And there's a few that are repeated for obvious reasons because they're coming in from all sorts of sources. I think the way that we can handle this is, I'm going to ask both Tim and S ébastien, if you like my question, which is amalgamation of all the questions which are coming in to try and cover all the inquiries and just put a little bit more detail for all the listeners, for all of you today on what I think are the key points and what you are indicating to us through the Q&A are the key points. I mentioned just before we finished the forum presentation about the partnering discussion. I know that there's a high level of interest in what exactly we're doing, with whom, you know, how the sort of feedback is going, et cetera. I'm gonna ask Tim actually, if you wouldn't mind just giving an overview because you're leading the charge here with, obviously being hopefully ably supported by myself and S ébastien. Could you just give us an overview of where we are? Sure. Well, it's the acid question, isn't it? A very relevant one, of course, and I can completely understand that. If you cast your minds back to one of the previous slides, you know, we submitted the new patent September last year. We had a tremendous response to a lot of the scientific output that hit the market last year. As a result of that, of course, we had a seismic shift in the engagement, if you like, of various number of companies, ones that were already that we were already talking to, plus new ones as a result of those insights. Because remember, initially a few years ago, we were just talking around Lupus and CIDP and maybe one or two others, but those two primarily. Last year opened up the floodgates to huge potential clinically for the application of P140, not just in those diseases, but across a huge range of autoimmune diseases. Tim mentioned up to 50, which is certainly the case. Obviously, there's a shift in the thinking around, you know, what these, what these companies wanna do with that product. There's a lot more opportunity for companies to think about, you know, aligning their therapeutic focus and what they're looking at with this new opportunity with P140. Things take time and, you know, we had a huge euphoria towards the end of last year, but, you know, a lot is out of the company's hands in terms of how quickly those partners can do their own due diligence. It's fair to say, I think that, you know, the new data, the new information, the new scientific information that's coming through has greatly increased the dialogue with these companies. It's been extremely interesting and helpful in formulating our own ideas and, you know, how we move forward with those companies. It is complex because you're not talking about one indication, there's many. We do know that this is a huge, hugely interesting area for licensing and M&A, the area of autoimmunity, inflammation, those diseases caught under that umbrella, and still a huge amount of significant medical need there. There's been a lot of activity. It's not gonna stop. I think we're well-positioned to fit with the right partner, you know, at the right point in time. We just need to, you know, unfortunately, be a little bit patient with them on their side. We're providing all the support that we can at the moment and enabling those discussions to move forward to the right point. Thanks. If I can bring S ébastien in at this point, because there's been many questions all sort of slightly differently phrased, but all going to the same point. Are we having problems in those discussions? Are we getting pushback from the R&D teams and the companies we're talking to on a scientific level? Do they not buy into the scientific rationale that we're putting forward? This is more S ébastien area. Tim's talked about the sort of commercial side and due diligence, et cetera, and the discussions. I'd just like to bring S ébastien in. If you don't mind, S ébastien, just to I mean, you're obviously leading the scientific side with the scientists in these companies and the due diligence they're going. Without prompting you one way or the other, can you just give us, your flavor of your discussions and the interactions that we get? Yeah. Yeah, of course. No, the interactions are very good actually with everybody. They are really impressed by the results. They're really interested in the science. We have good discussions. Actually, well, that's something I wanted to say as well is we are working on the publication right now of the results. So we Mm-hmm. We plan to publish everything as soon as possible, everybody can judge by themselves about the result. We're very confident with what we have. Yeah. One of the questions, S ébastien, was very direct and said, you know, "Are you getting pushback on the scientific rationale or the data that we're presenting? Are any of the companies disbelieving, you know, what we're presenting to them? No. No. No. Pretty direct. No would be the answer. No. We present result facts, right? They're quite interested and impressed about the results. Okay. All right. Forgive me if I hesitate for a minute. I'm just trying to pick up some of the questions which came in while we're on air. Okay. I'm actually not going to say who the names of the people, 'cause I don't feel comfortable putting names to questions when they come in. Forgive me, there's one here. Are you fielding potential buyout deals or is the objective for licensing deals on P140? Interesting. No, we're not looking at buyout deals. I'll be quite straightforward about that. We're talking, as Tim has described earlier, on partnership deals or licensing deals. We did have another question on a similar vein. You know, can we talk about the types of deals we might expect from P140? Tim, I don't know whether you wanna address that? Sure. Yeah. Well, there's probably two key avenues for a deal, but you know, the primary one really is to have a deal where you get an upfront fee. I mean, this is the typical deal, and this is where you see most of the licensing deals being structured. An upfront fee, some milestone payments depending on certain milestones up until the filing and approval of the product. A final milestone on approval. And then you've got a royalty structure stream, which, you know, could be whatever those percentages are, according to the time in which it's done. And then those royalty rates would probably gear on specific sales targets. The other sort of route could possibly be some sort of optionality type agreement where they pay for so much, get to a certain point in time, and then have the option to come in and develop it in a certain way for a certain fee as well, and with milestones and royalties. Okay. Thank you. There's one here, which is an interesting question. Are the new shares being ring-fenced so the GBP 6 million funding for the new super drug cannot be sold if P140 actually does get sold? I've been a long-term shareholder for over seven years. All right. Let me just try that one again. Are the new shares being ring-fenced? The question specifically mentions the GBP 6 million funding, but we shouldn't forget that there are gonna be additional shares issued under the wrap by the retail offer. I guess it's the same principle. Are they ring-fenced such that they cannot be sold, i.e., by the shareholder who buys them or the investor who buys them if P140 actually does get sold? Okay. I think what the question is asking is, I think if I can interpret that, if we're taking money on to develop Kapiglucagon, can we or is it linked in some way to the P140 getting it says sold here, I think it probably means licensed. I mean, the short answer to that is no. I mean, there's no way that we can differentiate one set of shares from another. It's not only the GBP 6 million we're getting from Lanstead, you know, their shares, we're also getting shares from anybody under the wrap as well. In all of the fundings that we've done, we've just got one class of share. Everyone has the same rights to deal with those shares, buy, sell, whatever they want to do. There is no connection whatsoever between having some restriction on those shares against whatever we do with P140. That's the only way I can answer it because there's all sorts of sort of implications from that sort of question, which that it's just fairly straightforward as I'm concerned. We're issuing new shares for new cash that's being applied to Kapiglucagon, and at any point in the future, anyone who holds those shares can buy some more or sell what they've already acquired. It's not linked in terms of your shareholding to Kapiglucagon or P140 or anything else in the portfolio. Right. There's one here. How is P140 deal going to work alongside Avion? There's a number of questions asking about Avion and where they sit in this whole area of how we take P140 forward. We're in constant dialogue with Avion. Obviously we've worked with them for a number of years now. We've got a very good partnership with them. Yes, we wanna progress P140 on a worldwide basis, and that's the solution that we're working towards. That clearly, obviously involves bringing Avion into those discussions and finding the best route forward for shareholders. I hope that answers the question. Another one. In November 2025, ImmuPharma said there were multiple deals possible on P140. Now we are only talking about a single deal. How do investors need to interpret this? Okay. I honestly can't remember talking about multiple deals per se. I mean, we might have said something like there's a possibility of one deal or more than one deal. The reason there would be multiple deals is because we might break it out in geographic territories. It's very likely we have, for example, with Avion Pharmaceuticals, and we still say in the rest of the world, it's very difficult to break intellectual property and programs like this into any other way. For example, we've now got applicability with P140 across all autoimmune diseases. We could do it, but it would be a lot more difficult to try and license that by indication, for example, because of the intellectual property situation and sort of market dynamics and pricing and which indication gets to the market, you know, sooner. Tim, do you wanna... You might wanna comment on that actually. No, I think, yeah, and when it comes to licensing deals, you have from the very top, you've got global partnering deal with one company, and then you've got a whole series of options below that which could be, you know, one U.S. and one ex-US or various regions, Asia, Europe, U.S.. That's the only thing that comes to mind for me. You're right. You know, you can't split up indications. You can't split these indications by different deal for the market access reasons that you've described. Yep. Yeah. Actually, there's a really, I think we need to talk to our brokers about this one. Somebody's indicating that Hargreaves Lansdown website is down today. Can we do something about it? Because there might be people wanting to invest through the retail platform. I think we're gonna have to pick that up after we finish this presentation. Thanks for alerting us to it. There's one here. Will we reach GBP 0.19 Again in 2026? I think my Nomad would tell me that I can't do forecasts or sort of projections on, where I think the share price is going to be, but I will answer it in this way. We are very, very confident that we will get that positive news flow coming out throughout this year. There is a direct correlation between positive news flow and share price appreciation we saw last year, which I mentioned earlier, when we had the patent announcement. It's, you know, testament to how quickly these prices can move in our area, especially for small biotechs. I, for obvious reasons, because I get my knuckles wrapped, I can't comment on that particular projection of GBP 0.19, but hopefully I've answered it in a satisfactory way for you. Forgive me being a little bit hesitant. I'm just trying to get through all these questions. Another one on a similar theme, and I'm probably gonna have to answer it in the same way. Tim, in an interview saying the market was just getting started when we were approximately GBP 0.12-GBP 0.13. You also talk of the business being undervalued. That suggests you have a feeling of a fair market value for ImmuPharma. What is it? Again, I'm not gonna put a number on it, but you know, it's pretty clear to anybody when you look at just P140 on its own, let alone potential value of Kapiglucagon we've explained today, that the business is undervalued. Look at the potential revenue streams the markets we're going into. This is the world we live in. We are a small cap on AIM, and we've got actually pretty good liquidity for a small company on AIM, and our share price is directly related to news flow. Even that news flow as it comes through will never truly reflect the underlying value of our intellectual property, and that will take a few years to come in. When I'm talking about a few years, without putting a number or projection on it, you know, we're talking about many, many multiples of where we are now because there just is no correlation between the potential of our products in the market and the potential revenue stream to ImmuPharma and where we are now in terms of market capitalization. There just isn't. We're not alone in that, frankly. That is just a feature of our capital markets, unfortunately. Tim, you had something to add? Yeah. Yeah. I think it's important to note that, you know, ImmuPharma today is not the ImmuPharma of yesterday. The product, you know, is the product and the team is different, liken the product maybe to a football and, you know, a good football team is gonna score many goals with the same football, bad team isn't. You know, I think that, we've had a very short time, as a new team to get this ball rolling, so to speak. You know, we are in a much better position than before. We understand the products significantly more than before. There's been some fantastic science, and that all helps to create a lot of conversation with our ultimate customers, the biopharma industry. Yeah. S ébastien, I'm gonna wrap this up in a moment because a lot of these questions are repetitive in the sense they're asking similar things in just a slightly different way. I think I'm gonna finish on this one 'cause it's an interesting question for S ébastien. If I can find it again. Where did it go? Will ImmuPharma also develop commercial solutions for Type II diabetes? Could there be a spin-off from the Type I diabetes Kapiglucagon program? Yeah, I think, well, I think it's possible. I think that for now, it has been focused, like the pump market have been focused on Type I diabetes, but I think there are opportunities for Type II, clearly. Yeah, that's Type I diabetes, it's the way to go to the market and then, you know, we can expand. I believe so. All right. I think we're gonna wrap up there. Let me just thank you all for taking the time. I don't know how long we've been on air, just about an hour. I hope we've reached our objective of doing this presentation today to address your obvious questions about why we've done the deal this week. Some broader questions on the strategy of the company and the progress of the last three months, six months, nine months, addressing what obviously are some conflicting statements we've made, and trying to explain to you why we made a statement at one point and then it changes. We're not flinching away from any of those, and I hope that we've had the opportunity today to address all of those. I know there's the facility to keep putting questions in, so if there are any more questions that come in after the presentation, then we'll try and address those. At this point, I'm gonna hand back over to Mark. That's great. Tim, thank you, and to the rest of the team for updating investors. If I could please ask investors not to close this session as we will now redirect you for a feedback. On behalf of the management team of ImmuPharma PLC, thank you for your time and have a good afternoon.