Good morning, ladies and gentlemen, and welcome to the Sareum Holdings plc Annual General Meeting 2023. Throughout this recorded meeting, attendees online will be in listen-only mode. Questions are encouraged and can be submitted at any time using the Q&A tab situated on the right-hand corner of your screen. Just simply type in your question at any time and press send. Chairman, Dr. Stephen Parker the floor is yours. Thank you. Good morning, ladies and gentlemen, and welcome to the Annual General Meeting of Sareum Holdings PLC. I'm Stephen Parker, Chairman of the board. A quorum being two members is present, and therefore we may proceed with the business of the meeting. In common with recent annual general meetings, we've also opened a link through the Investor Meet Company site in addition to the conventional meeting. I'm particularly grateful to those of you who have chosen to attend in person. We will deal with the formal business of the meeting first, and then take questions from the floor in the usual manner of our annual general meetings. Following these questions, we will try to cover some or all of the questions posed via the IMC site in the time remaining for the meeting. As is our usual custom, answers to these questions posted on the IMC site will be published on the website in the days following the meeting. We have a lot to get through today, and I'd be grateful if you would follow this procedure and keep questions until the formal stages. I would now like to introduce the board. Starting on my left, Dr. John Reader, Chief Scientific Officer and Co-founder of the company. On my right is Dr. Tim Mitchell, CEO and Co-founder. Mr. Clive Birch, Senior Independent Director and Chair of the Audit and Risk Committee, and Dr. Michael Owen, who is Chair of the Remuneration Committee. I would now like to start the formal proceedings of this annual general meeting. The notice of the AGM was posted to shareholders on the thirty-first of November, 2023. Accordingly, the requisite notice of the annual general meeting has been given. I propose, therefore, with your consent, the notice of the AGM should be taken as read. Before proceeding with the formal business of this meeting, I will now read a statement which was issued to the market this morning. The company made good progress in 2023, with its lead program, SDC-1801, with a phase I clinical trial underway in Australia. SDC-1801, Sareum's TYK2 JAK1 inhibitor, continues to demonstrate promise as a potential new treatment for autoimmune diseases, with an initial focus on psoriasis, an autoimmune condition affecting the skin. phase I-A clinical trial evaluating SDC-1801 in healthy subjects, commenced in May 2023 at a specialist clinical unit in Melbourne, Australia. Following approval by the Safety Review Committee, based on preliminary data from the initial cohorts in a single ascending dose part of the study, dosing began in the multiple ascending dose escalation phase of the study in September 2023. The company has also recently started a food effect study for the compound. This part of the study will inform whether the drug should be taken with food or on an empty stomach, optimizing its potential benefits while potentially minimizing any possible side effects. Full safety data from the phase I-A clinical trial are expected to be available during the first half of 2024, and provided satisfactory results are obtained and subject to financing and regulatory recruitment preparations, the company plans to initiate a phase I-B clinical study, aiming to recruit up to 24 psoriasis patients. This study is expected to be completed before the end of 2024. Also in 2023, the first patent for SDC-1801 was granted by the China National Intellectual Property Administration. This patent safeguards the use of SDC-1801 for medical applications in treating inflammatory or immune disorders. Additionally, after receiving a notice of allowance from the Japan Patent Office in November, the patent for SDC-1801 has now been formally granted in Japan. Sareum continues to work on the translational studies for SDC-1802 as a candidate for cancer immunotherapy. These studies are aimed at identifying the most appropriate cancer application for SDC-1802, an important step before proceeding toxicology and manufacturing studies. In June 2023, the United States Patent and Trademark Office granted a new patent that encompasses the treatment of autoimmune diseases with SDC-1802 and several of its analogs. This expansion effectively broadens the compound's protective reach beyond its primary focus in immune oncology. Sierra Oncology, a subsidiary of GSK plc, has completed a return of the clinical study reports and other associated documents and data related to SRA737, Sareum's co-development partner, the CRT Pioneer Fund (CPF). CPF is actively engaged in evaluating potential further development opportunities for SRA737. Further updates will be provided as soon as possible. As announced on the third of August 2023, Sareum agreed terms on an equity prepayment facility of up to GBP 5 million with RiverFort Global Opportunities PCC Limited. The company received an initial deposit of GBP 2 million prior to associated costs on the 4th of August 2023. Sareum drew down an additional GBP 0.3 million as the second deposit under this facility on the 23rd of November 2023. If fully drawn down, the facility, together with anticipated tax incentives of GBP 1.6 million, of which GBP 0.4 million has already been received, should enable the completion of the phase I-A and phase I-B clinical development of SDC-1801, expected to be a catalyst for driving shareholder value and for general working capital to quarter four, 2024. In conclusion, the board remains optimistic about Sareum's pipeline of kinase inhibitors. The focus remains on advancing SDC-1801 into further clinical development, supported by a strong intellectual property foundation and a prudent approach to financial planning. CPF is taking the lead in evaluating potential further development opportunities for SRA737, and further updates will be provided as soon as possible. We would like to thank our shareholders and other stakeholders for their continued support and look forward to providing further updates on progress in due course. Now, before we turn to the resolutions, I would like to say a few words about procedure and remind you that only physical attendees are able to vote today. I will propose each resolution in turn, having briefly summarized its content. I will then read the results of the votes received. The directors will not answer questions relating to the individual rights of shareholders. Any shareholder who wishes to raise such a question, to communicate with me or Dr. Mitchell by email following the meeting. I shall move on to the formal business of the meeting. We will now recite the resolutions. The full text of each of the resolutions is set out in the notice of annual general meeting, a copy of which was posted to shareholders or the nominee holders and is on the company's website. Resolutions one to seven were proposed as ordinary resolutions, each requiring a simple majority of the votes cast in favor in order to be passed. Resolutions eight and nine were proposed as special resolutions, requiring a majority of 75% of the votes cast to be in favor in order to be passed. Each resolution received a total of 4,992,202 votes, which represents 7.11% of the total shares outstanding. Resolution 1. I propose Resolution 1 as a notice of annual general meeting, as an ordinary resolution to receive and adopt the reports of the directors and financial statements for the financial year ended thirtieth of June 2023. Proxy votes have been received as follows: In favor, 4,955,805. Against, 33,480. Withheld, 2,917. I will now put the resolution to the meeting on a show of hands. Will all those in favor, please raise their hands? Thank you. Those against, please raise their hands. Thank you. Does anybody wish to indicate an abstention? No, thank you. In that case, I declare the resolution is passed by the necessary majority. Resolution two. I propose Resolution 2 in the notice of annual general meeting as an ordinary resolution to receive and adopt the Remuneration Committee report for the year ended thirtieth of June 2023. Proxy votes have been received as follows: In favor, 4,791,240. Against, 187,995. Withheld, 6,967. I will now put the resolution to the meeting on a show of hands. All those in favor, please raise their hands. Thank you. Any against, please raise their hands. Thank you. And, does anyone wish to indicate an abstention? No. Thank you. I declare the resolution carried by the necessary majority. Resolution 3 in the notice of annual general meeting is the re-election of Dr. Tim Mitchell, who retires by rotation under 9, section 93 of the Articles of Association, and who, being eligible, offers himself for re-election as a director. Proxy votes have been received as follows: In favor, 4,723,539. Against, 256,139. Withheld, 12,524. I will now put the resolution to the meeting on a show of hands. For all those in favor, please raise their hands. Thank you. Those against, please raise their hands. Thank you. I declare the resolution carried by the necessary majority. I now pass the chair to Mr. Clive Birch as the senior independent director for the next resolution. Good morning, ladies and gentlemen. Resolution 4 in the notice of the annual general meeting is for the reelection of Dr. Stephen Parker, who retires by rotation under Section 93 of the Articles of Association, and who, being eligible, offers himself for reelection as a director. Proxy votes received: In favor, 4,569,986. Against, 399,292. Withheld, 22,924, of the total votes cast, 4,992,000. I'll now put the resolution to the meeting by a show of hands. All those in favor? All those against? Thank you, and I think that resolution is carried. I will hand back to the chair. Thank you, Clive. Resolution 5 of the notice of annual general meeting is to reappoint Shipleys LLP as auditor of the company. To hold office from the conclusion of this annual general meeting until the conclusion of the next general meeting, at which the financial statements are laid before the company. Proxy votes have been received as follows: In favor, 4,855,004. Against, 92,757. Withheld, 44,441. I will now put the resolution to the meeting on a show of hands. Will all those in favor, please raise their hands? Thank you. Those against, please raise their hands. Thank you. I declare the resolution carried by the necessary majority. Resolution 6 of the notice of annual general meeting is to authorize the audit committee to determine the remuneration of the auditors of the company for the ensuing year. Proxy votes have been received as follows: in favor, 4,867,151. Against, 86,553. Withheld, 38,498. I will now put the resolution to the meeting on a show of hands. Will all those in favor, please raise their hands? Thank you. Will those against, please raise their hands? Thank you. I declare the resolution carried by the necessary majority. Proposed Resolution 7 in the notice of annual general meeting, as an ordinary resolution to generally and unconditionally authorize the directors, pursuant to, and in accordance with Section 551 of the Companies Act 2006, to exercise all the powers of the company to allot shares or grant rights to subscribe for, or to convert any security into shares in the company. (A) up to an aggregate nominal amount of GBP 878,273, and (B) comprising equity securities as defined in Section 560(1) of the 2006 Act, up to a further aggregate nominal amount of GBP 878,273, in connection with or by way of a rights issue. Sorry, with an offer by way of a rights issue. Such authority is to apply in substitution for all previous authorities pursuant to Section 551 of the 2006 Act, and to expire at the end of the next annual general meeting, or if earlier, at the close of business, 15 months after the passing of this resolution. But in each case, so that the company may make offers or, and enter into agreements during the relevant period, which would or might require shares to be allotted, or rights to subscribe for, or to convert any security into shares to be granted after the authority ends. For the purposes of this resolution, rights issue means an offer to ordinary shareholders in proportion, as nearly as may be practicable to their existing holdings. Holders of other equity securities, if this is required by the rights of those securities, or if the directors consider it necessary, as permitted by the rights of those securities, to subscribe for further securities by means of a renounced letter or other negotiable documents, which may be traded for a period before payments for the securities is due, but subject, in both cases, to such exclusions or other arrangements as the directors may deem necessary or expedient in relation to the treasury shares, fractional entitlements, record dates, or legal, regulatory, or practical problems in or under the laws of any territory. Proxy votes have been received as follows: in favor, 4,567,808. Against, 373,843. Withheld, 50,551. I will now put the resolution to the meeting on a show of hands. Will those in favor, please raise their hands? Thank you. Will those against, please raise their hands? Thank you. I declare the resolution carried by the necessary majority. Resolution eight. Given the passing of Resolution 7, I propose Resolution 8 in the notice of annual general meeting as a special resolution, that in substitution for any existing authority, but without prejudice to the exercise of any such authority prior to the date of passing this resolution, the board of directors be, and that they are generally empowered pursuant to Sections 570 and 573 of the 2006 Act, to allot equity securities within the meanings of Section 560 of the Act, including the grant of rights to subscribe for, or to convert any securities into ordinary shares of GBP 0.0125 each in the capital of the company. Or for, for cash, either pursuant to the authority conferred on it by Resolution 7, or by way of a sale of treasury shares within the meaning of Section 560 sub 3 of the Act, as if Section 561 of the Act did not apply to any such allotment or sale. Provided that this power shall be limited to A, the allotment of equity securities or sale of treasury shares for cash in connection with the rights issue, open offer, or other preemptive offer in favor of the holders of ordinary shares on the register of members on a date fixed by the board, where the equity security is respectively attributable to the interests of all such holders of ordinary shares, are proportionate, as nearly as may be practical, to the respective numbers of ordinary shares held by them on that date. Subject to such exclusions or other arrangements in connection with the rights issue, open offer, or other preemptive offer, as the board deems necessary or expedient to deal with the shares held in treasury, fractional entitlements to equity securities, and to deal with any legal or practical problems or issues arising in any overseas territory, or under any requirement of any regulatory body or stock exchange, or to deal with any matter whatsoever. And B, the allotment of equity securities or sale of treasury shares otherwise than pursuant to subparagraph A of this resolution, up to an aggregate nominal amount of GBP 878,273. GBP 878,273, and provided that this power shall expire at the conclusion of the annual general meeting of the company to be held on or before the thirteenth of March, 2025. Say that the company may, before such expiry, make an offer to enter into an agreement which would or might require equity securities to be allotted or treasury shares to be sold, such expiry, and the board may allot equity securities and sell treasury shares in pursuance of such an offer or agreement, as if the authority conferred hereby had not expired. Proxy votes have been received as follows: in favor, 4,573,097. Against, 368,554. Withheld, 50,551. I will now put the resolution to the meeting on a show of hands. Will all those in favor, please raise their hands. Thank you. Those against, please raise their hands. Thank you. I declare the resolution carried by the necessary majority. Resolution 9. I propose Resolution 9 in the notice of annual general meeting as a special resolution, that a general meeting, other than an annual general meeting, may be called on not less than 14 clear days' notice. Proxy votes have been received as follows: in favor, 4,926,142. Against, 49,243. Withheld, 16,817. I will now put the resolution to the meeting on a show of hands. Will all those in favor, please raise their hands. Thank you. Will all those against, please raise their hands. Thank you. I declare the resolution carried by the necessary majority. Ladies and gentlemen, that concludes all of today's formal business. On behalf of the board, I would like to thank you all for your attendance and declare the full business of the annual meeting closed. In closing, may I thank you all for your ongoing support during this year, which has continued to present challenges to the sector generally, despite your company's significant achievement in entering the clinic for the first time with a wholly owned compound. The board will now be happy to try and answer questions from attendees and, if time permits, from the IMC platform. Before we go to general questions, I've had a request from Mr. Smith, who would like to make a statement. So if you'd like to do that, sir? Sorry, sir, do you wish to do so? I do, yes, Mr. Chairman. Okay, thanks. By way of introduction, I'm saying this time, if you say AGM extremely important event, Sareum forward, is forward progression. I, myself, have chosen in order to be here today. Firstly, I'd like to commence by both thanking and complimenting the sterling efforts, passion, and dedication, laser-like focus, detail of Sareum's Chief Scientific Officer, Dr. John Reader, without whom we would not now find ourselves at this key inflection point in Sareum's development. I.e., with what is cutting-edge, pipeline, several potentially world-class, disease-curing, life-prolonging, quality-of-life compounds, various stage clinical development. Now, while science is what underpins the potential success of Sareum, there is no escaping the significant importance of sound financial platform on which to build and develop the business. Indeed, two issues are set out, critically linked. To that end, combined choices and subsequent action of the Sareum board, in particular, its our management team, have over the course of the past 2.25 years, been found significantly wanting. And how without doubt, but if the ordinary shareholders and the legal and rightful owners of this company have been utterly financially devastated. In fact, you yourself, Sareum board of management, our management team, acknowledge. In my opinion, this is a direct result of your extremely questionable choices, financial management, and poor stewardship, Sareum. There now exists a cavernous disconnect between the scientific development of the company, attributable efforts to Dr. Reader, and the company's utterly abysmal and disgraceful share price, corresponding market capitalization. In truth, it is a damning indictment of the aforementioned, that we are today even required to broach the thorny subject of funding. The truly eye-watering figure of GBP 290 million of capitalization, or 88% of its share price value, has over the course of the past 2.25 years, been wiped off. This value, by combined action, or rather inaction, of the Sareum board, Sareum management team, and in particular, the company's CEO. Sareum's development pipeline. In the immortal words of Max Planck, "Science develops funeral by funeral." Let's face it, in all probabilities, far too many people have already died resulting from the severely stalled development of SRA737, along with the glacial-like advances of SDC-1802 translational studies. Not to mention the fact that one of our former jewel in the crown assets, namely Aurora plus FLT3, is now currently languishing on a shelf somewhere. All of which rather convened brings me around to the current role of our CEO. His scientific pedigree and professional expertise would, I feel, be far better suited to serving the company and its shareholders' needs by relinquishing the role of CEO, and in so doing, being afforded the opportunity to return to full-time laboratory. Conclusion: alternative business strategy. So based upon the fact evidence of our management team's track record in conducting licensing deals, my personal and as such, I would like to respect alternative business strategies. If you want an identity of our opinion, please. Mr. Chairman. My fellow shareholders here listening remotely, for kindly taking the time for this my important today. Thank you. We'll take that under advisement. As we go forward, obviously, we need to see some data first. Right. With that, can we just move to, or throw the room open to any questions you may have generally, please? Mr. Chairman, if I could just ask you to repeat the questions to clarify the questions for those online, because we can't hear the attendees in the room. Thank you, sir. I will indeed. Yes, sir. Hi, from Mr. Smith. I've got two points. I tend to two questions I've got. First one is regarding SRA737, time since mentioned you would be changed a little bit longer. We haven't actually had an update on your review for this whole. So is there anything that you can add to it? The second question is, simply believe it was the best option. Sure. Shall I just quickly summarize for people online? Yes, please. The first part of the question is looking for an update on 737, which of course is being handled by CPF. And the second was a question regarding the RiverFort facility that was entered into in the late summer, as to why we feel or felt that was the best option going forward for the company. So I'll ask Tim to pick up the 737 side. Thanks, Mr. Chairman. Yes. So we've had access to the data room early this year. We've reviewed the data. We haven't found anything particularly unexpected. I suppose that, you know, we didn't see any big gaps in the data. We didn't particularly see any opportunities that we thought we could seize on or take a different approach to. So we've been happy for CPF to take the lead in looking for future development opportunities. So we don't really have any concrete updates to give. No, no, I had the following on, too, after publications, why there wasn't a statement made saying that you had as expected, and that we're now passing it to CPF, which was going to shareholders, that things were negotiating. I just feel that we constantly come to the AGS to criticize. So that your point's taken. Yeah, I... I think that we perhaps action points taken, so. Of course. Yeah, I mean, I suppose, you know, we didn't feel it was particularly noteworthy because, you know, there was really nothing to report from the data, so, didn't make any particular statement about it. And I think as we've said, it's really in the hands of CPF, who are leading the charge on future development opportunities. Mr. Chairman. Sorry, Mr. Chairman, if I could just ask that all the comments from the investors in the room, where appropriate, can be broadcast because we cannot pick attendee comments up from the online platform at this point. So if you could repeat, that'd be most grateful. Thank you once again. Okay. The point that the shareholder made was that he felt there should have been a more active reporting to shareholders through the year of our conclusions from looking in the data room of SRA737. And we accepted that point, and hopefully, of course, there will be something to report in the near future regarding that drug, and we will certainly do so at that point. So onto the RiverFort facility. Broadly speaking, we were in a position where we needed to balance several different factors at that point. One of which, of course, is the hope that we all have that the 1801 clinical study will come out positive and lead to, hopefully, a rebasing of the share price on the back of that. The other was the state of the markets through this year, and I'm sure many of you are invested in more than just the one company. And you will probably all have had the experience that life on AIM has not been the most fun for most companies through the year. So it broadly speaking came down to the best outcome by what the route that we could take, and that was why we chose RiverFort. We actually looked at three different offers of similar products from different firms, and the RiverFort package was clearly the best, which is why we chose that one. Yes, sir. Did you just look at a straightforward placing? We were advised by our bankers that the market was not gonna withstand that route, or not on terms which could possibly be acceptable to come and sit down with our shareholders. Yes, sir. The one point that I really want to highlight is communication. Over the past 30 years, I've worked with hundreds of both privately held and public companies, and the one huge difference between the two is communication. Uh-huh. Even if a company becomes public, it has an obligation towards the shareholders to communicate to them certain things that is not required when it's a publicly held. Absolutely. So it becomes 50% of the job of management to communicate. Now, the communication over the past few years that I've been just following the company, is that there has been a complete lack of communication. First one is the investor relations part, which is communication to the market, communication to shareholders, relationships with brokers, analysts, and so on. And this, with all due respect to the board, it cannot be initiated from the board. It has to be the role of the investor relations person to take the lead on that, and whether this is a regulatory issue or not, has to be decided by the investor relations person, not the board of directors. And they have to have the background and the knowledge to do that. You have spoken about the pipeline, of compounds that we don't really know anything about. If the pipeline is meant by 1801, 1802, and 737, that's not really a pipeline. These are already compounds that everybody knows about, and there isn't really anything new there. If there is a pipeline, we need to know about it as shareholders and advisors as well. The other thing is the communication of what is being done in the company. No one in this room, probably 99% of us, don't know what the management or the board are doing day to day. So one of the things that we need to understand as well, is the communication to the market cannot just be when an event happens, but also updates, regular updates to the shareholders who are, like Mr. Smith said, the rightful owners of the company. So this is really key as a starting point. The communication to the market and the shareholders has to improve drastically, because at the moment, simply coming out with a piece of news that is something that really is like a, "This is our results. These are, the resolutions that have been passed," is not good enough. The second thing is the communication, is the PR part of things. Now, all the advancements of that you're having with the clinical trials, with whatever you're working on, this cannot be done in a dark room somewhere and no one hears about. This has to be in the news. It has to be in newspapers, it has to be in, in the public eye, not to the shareholders, not to the market, but in everywhere. We want to see Dr. Mitchell, Dr. Reader, in their white lab coats, in the news, on the 10 o'clock news, say, talking about the cancer-curing drug that we're working on. It doesn't have to be... Really, it, it has to be driven by a proper, proper PR initiative that is being driven by a commercial sense rather than just the scientific part, as Mr. Smith was saying earlier. So these, these two parts of the communication, they have to be very clearly driven, and not driven by the board, but driven by professionals in their fields within these two distinct parts of the communication. Otherwise, it's like giving a Rolls-Royce to a 15-year-old who can't drive, and they would crash it and all. It is really, you have an amazing product with amazing potential that is currently being mismanaged, and it is not communicated properly to anyone outside of this room. So this is really, please, I beg you, really consider the communication part as a priority in everything from now on, because otherwise it is very theoretical and really, it is pointless to keep talking about shareholder value and all of these things, because if you have a great product that you're not selling, it doesn't really matter what you have. One last point with the market conditions. I work in the market, and this is something that's my job. To be saying that the market conditions are not suitable for raising funding and so on, that's not true. The only thing that is different is the communication to the market, because if you're not communicating properly to the market, the market is seeing you as a dead horse. If you're communicating properly and the perception of the public towards the company is positive, you have a market that is unlimited. So this is, again, it goes back to the communication part. That's it. That's all. Thank you. Forgive me, I'm- I will need to summarize. I'm going to summarize very briefly from what you said, but it's not, not to reflect that we're not paying attention to it. Broadly speaking, the shareholder made points about both the IR and PR approach that the company has taken. And that is something which we will certainly continue to pay attention to, and we are, we are actually sitting in the offices of our PR firm, and we have our relatively newly appointed head of IR at the table here. So we are taking steps in the right direction. The nature of the company in this sector, of course, is that we live or die by the data. And everybody knows, because of the nature of a public company, that we are in a trial that is coming towards its conclusion. And therefore, it is very hard to have somebody entering a conversation prior to those data being released, because obviously, it's sort of to pick up your analogy with the Rolls-Royce, you know, you might know that the next model is coming, and therefore, you're not going to have a conversation about the current one. But I take the point. We will do our best, resources permitting, to raise our game in that regard. I should also say, of course, that as an AIM company, we are, we have very strict guidelines to what we can and cannot say in the way of factual material to the markets, and we have a nomad, and we have brokers who know the rules backwards, so to make sure that, we're not transgressing those rules. So as much as, as it would be lovely to, to have a, the occasional fanfare and, and such like, we also have to stay within, within the rules that are, that are set by the markets. But yes, I'd take that point. Is there another question, please? Sorry, Roger. Yeah, Mr. Chairman, I noted last year your salary went up by 50%. Now, this is, I don't want to have a wink about that, and I have absolute confidence in the Remuneration Committee. But, I mean, it does suggest a kind of a, a shifting of, or more active involvement by you, and a shifting of the role that, members of the senior leadership team, including yourself, play. Mm-hmm. So perhaps can you expand a bit on how you've been more active, over the last couple of years and perhaps was originally anticipated? I would say that what's been referred to as the management team, which I guess essentially is the three of us on this side, the left side of the table, as I'm looking at you, are working very closely together on a pretty much day-to-day basis. As a non-exec, of course, my role is of its nature and as needed, but the perception has been that the need has grown over that period. Last year, I attended the J.P. Morgan conference on behalf of the company, and I shall be doing so again in 2024. So I do take an active role as being something of a— I would say I'm a visible part of the team. Mr. Chairman, could I do you feel it's appropriate to make any comments on the introductory statement to the shareholder? If you don't think it's appropriate, that's well understood. I, as I acknowledged, Smith's right to speak. We will absolutely take it under advice, and he was kind enough to share a copy with us so we could see what the words are that he's, and the points that he's making. So, we will certainly pay close attention. Speak, I think, sir, you wanted to question, yes? Yeah. Just on the subject of funding. I find it somewhat bizarre that we're in the position we're now in. I wrote to the board when our share price in all money was over 8.5%, and I beseech you not to respond to the opportunity of raising funds at the time. We didn't do anything. We didn't do it. But then, should we be surprised when our CEO is on record at the conclusion of an Investor Meet Company when a shareholder asks about the share price, rather dismissively, he's told the board don't care about share price? That goes some way in my mind to explain the situation that we're now in. We find ourselves with funding, which is more akin to that which we were exposed to 10 years, 12 years ago. We have the high net worth. We built on that, but o n the subject of remuneration, if I may just take you back through the midst of time to RNS number 044R on the 6th of December, 2016. Director's remuneration at general meeting. Further to the announcement by CRT 24577 SRA737 program. September September 2016, which is anticipated to generate for the company up to $88 million, together with a share of sales royalties under the company's final results of the year ending 31st June, 2016. On the 2nd of November, 2016, the company announced a series of changes to the remuneration chart. In summary, in light of the significant, significant anticipated return and increased scale resulting from the licensing transaction, the company proposes to award each of Dr. Mitchell and Dr. Reader one-off bonus. In addition, it proposed the annual salaries of each directors of Doctors Mitchell and Reader be agreed at 157,555, and other doctor at 54%, representing increases of 50%. Since when the company, if I'm correct in saying, GBP 2.5 million, $2.5 million for SRA737, nothing beyond that. The compounds have been returned and been in our possession for the last 12 months. Will you provide a bit of clarity around the financial issues there? Have the salaries been renegotiated? First, I- Been repaid. I'm going to need to summarize for the room. The question went back to an RNS dated at the end of 2016. Looking at a rebasing of salaries for Tim and John on the back of the licensing deal, which CPF negotiated with then ProNAi, then re-renamed Sierra for the drug. And so the question was around effectively what has happened since, I guess. And the answer, I'm not gonna go back into the ancient history, other than to say that decision was taken because prior to that, Tim and John had each agreed to a halving of their salaries at a time when the company looked even, you know, looked to be very on its beam ends. And it seemed to be a reasonable— I mean, I'm a firm believer if you're going to make that kind of sacrifice for the company, then when times get better, then there should be a reward in it as well. So that's, so effectively, that the 2016 decision was based on events that has gone on prior to that. But I— As I say, I don't want to rake over what is now seven-year-old history. So one in the middle, and then sir. Sure. It's on the, just in case we don't [audio distortion] I think I can give the history of that. Sorry, Mike, do repeat that. On the question is to Mike Owen, as to whether he is still involved with the CPF advisory board. I was originally a member of the scientific advisory board. When the fund became fully invested, I was asked to sit as an observer on the so-called investment and divestment, as an observer. Simply to provide some sort of continuity between the science advice and the investment advice. I have, well, two things. Firstly, there has not been a meeting that I have been invited to, of that board for at least two years, point one. And point two, I have been recused from any and all corresponding documents, verbal or otherwise, discussions about 77. They, my conflict is obviously therefore very scrupulous in putting up a wall between me and discussions. So all I know is what has come from discussions about Tim, in particular, with Ian Miscampbell and then objects. Thanks, Mike. Perhaps I should just quickly summarize Mike's answer as well, because he's a long way away from the mic. And that is that, Mike is no longer on the scientific advisory board. He does sit on the, acquisition disposal advisory board, but has never taken part in any discussion or seen any papers regarding SRA737, from the CPF side. So his only exposure to what's been going on with SRA737 is via the Sareum board. So just for the avoidance of doubt, I've had no unofficial in the pub or near conversations with the SCN-101 and SD-101. Absolutely, completely pulled off. Hassan, did you have something else? Right. Yeah. It's just a comment on this point about Mitchell's comment about the share price. As a shareholder, I would be worried if the board of directors actually is worried about the share price. What I would be concerned about is them not taking care of shareholders' value, which is two different things. The share price can have different things affecting it, like market conditions, like sentiment, like anything can happen. The share price is not necessarily a reflection of what the shareholders see as a value in the company. But the shareholder value, this is where it comes into, like, that's the concern, and this is where my concern comes in with just communicating what you're doing as a management to the shareholders. If we are aware of what they're working on, maybe we'd be a bit more comfortable to see the share price, but whatever. Any more questions in the room? Otherwise, we'll go to the IMC submitted ones. Just picking up on that very point about communication. If we go back to the COVID-19 research project, were extremely on the first of July 2021. And probably the current investment in the advance over there is high network. The narratives that came out of that, Dr. John Reader, was incredibly positive in that the results from our COVID-19 research project are very encouraging, provide clear evidence of the potential of SDC-1801 to reduce the excessive pulmonary response in COVID-19. We are keen to progress this project to the next stage, our options to find the best way to fund these steps. This could give an agile platform development, the groundbreaking treatment. These activities run in parallel with the broader SDC-1801 development of 2014. We look forward to providing updates on our progress as we reach new milestones. So, that was based on the GBP 174,000 government grant, obviously looked at dexamethasone, the comparator and baricitinib. Our completely effective although, if not more so, but then toxicology safety issue, but then nothing. Yeah, sorry, I should just repeat this. So the question regarding 1801 in COVID or associated cytokine storm activities. Yeah, I think the approach we've taken is, you know, I think those comments were made pre-vaccination, and to a large extent, the COVID problem is not solved. It's still very much with us, but it's less of a critical issue at the moment, I think it's fair to say. The approach we've taken then is that with carrying out the phase I-A trial in healthy volunteers with SDC-1801, that will give us the safety data and the information about potential doses that we could carry forward if there is a resurgence of COVID or other respiratory diseases that might respond to our molecule. And I think the other issue to just bring up about that is that clinical trials in COVID patients now would need to be very large and very expensive. And it's what... You know, we're not in a position to carry out a trial like that at the moment, so we'd be looking to work with a partner if we were to take the molecule forward in COVID. Importantly, the data emanating from that can be used as part of our data package for our potential licensing path. Yes. It's probably just worth adding to that, that of course, subsequent to that, the government decided that agile funding would be restricted only to drugs, which could actually be used in the market within 12 months. So obviously, at the stage we were in at the time, that wasn't going to happen. So although... Yes, Matt? Yeah. Can I ask the board management team why they feel they've not been able to attract institutional interest? Recognize the comments you made regarding AIM. However, a company, another company on the Investor Meet Company just raised an oversubscribed placing, attracting life sciences investors. I wonder, why are we not given—w e are at a position where we can attract investors and[audio distortion] but we still do want it to bring on some investors. I think that's the judgment. Bye. The question is, why do we still not have any institutional investors, given where the company is? My view of that, quite simply, is that, institutions are probably not gonna pay much attention until they see the phase I-A data. As it is, we're talking about the Rolls-Royce with the new model coming out again. But hopefully, that situation will change once we're able to share those data. Yes, sir. Are you likely to see any movement on 1802 going into tox next year? Is 1802 going into tox studies next year? John? Yeah, I'll pick up on this. I mean, we're still working on the translational studies. We're really trying to understand exactly how the molecule works, and therefore, which cancers are most likely to respond positively against the molecule so that we can select patients who are likely to benefit. That would add a huge amount of value in a phase I trial because obviously, phase I in a cancer therapeutic is done in patients. So we're trying to build that understanding of how the molecule works, where it's likely to be most effective. It's still ongoing. Yeah, I, I hope we're in a position to push forward with it next year, but I can't guarantee it. It's gonna be dependent on the results. Yeah. Just seems that like you've gone on to- Yeah. Been mentioned for two years, and I, as a shareholder, I just, I just find that stuff's being put out there, but then, you know, like, communication put out to the shareholders, so t hings are coming out, which looks good, but then it just seems to go flat. Yeah. Shareholders made the comments that we've apparently made limited progress, or at least communicated limited progress over the last two years. That's... It's a fair comment. I think you know, one of the issues with communication in general for us is maintaining commercial confidentiality. So, you know, we're in a competitive business. We have to be careful about the information that we give out that could be useful to the competition, yeah, frankly. So that does limit what we can say to some extent. But I, you know, I take your point. I think the other thing is that, you know, clearly SDC-1801 is our priority program, and the bulk of our resources are going towards that program at the moment, at the moment, perhaps at the expense of 1802. Yes, sir. Just a general feel of the room, it's obvious we're asking for better communication, and I take on board about confidentiality, etc. But you've actually said things today that could have been out there, i.e., the SRA737 you've reviewed it, just mentioned. So these are things that we want from Laura now, comments earlier on. I'd really like to walk away from this meeting, what you're doing. You know, that's why we invested. We need to draw a line in the sand and just all go, "Yeah, this is how we're gonna move forward." I'm not sure I agree with my colleague's proposal, but he makes a very valid point, and I think this is for you guys to walk away from this and say, "Yeah, we are doing well." We know you are, but come on, let's, let's just up it a bit. We're just sitting here watching SP, you know, diminish, and yet, you, you don't appear to be doing anything about it. That's, that's my request to you. Okay. I don't know if the others, but that's my feeling. I'd really like you guys to step up. Okay, thank you. Thank you. And again, this is a comment from the floor on the theme of increasing communications and perhaps sort of a little bit more rah-rah-rah, as and when we can. Matt, I think you had a question? Yes, on 1802. So is it fair to say the studies are ongoing and active, or are they stored? I think just clarity around that would be really good. Just sort of experiments are ongoing. Okay, that's great. With that, I see that we've reached 11:00 A.M., and Adam Pears timed us out. So we won't be able to deal with questions that have been posted on the IMC site. We will provide answers to those and post them in the usual way, and notify through RNS when those are available. They will be on our website. But in the meantime, I just thank all of you for making the effort of coming, whether it's near or far. It's always good to see you. It's always good to hear your comments, but at the same time, sense your ongoing enthusiasm for the science in this company. I very much hope that the events of the next year will lead us all to have some more smiles on our faces when we meet this time next year. So thank you all. Thank you, Mr. Chairman, and to the Board of Sareum plc. Please ask investors online not to close this session, as we'll now automatically redirect you with the opportunity to provide your feedback in order that the board can better understand your views and expectations. This may take a few moments to complete, but I'm sure will be greatly valued by the company. On behalf of the management team of Sareum plc, thank you for attending today's annual general meeting, and good morning to you all.