Over the last six months, we've been focused on executing on strategy, against the backdrop of a very challenging market. We reported a small decline in NAV, principally because of the write-off the Gyroscope milestone after Novartis's decision to discontinue GT005. We talked about, at the full year, a rigorous capital allocation policy, which we think is essential to navigate this market. The macroeconomic environment continues to be very challenging for biotech companies, both in terms of the cost of the capital, but also the access to that capital. That brings financing risk clearly, but it also brings opportunity, and we're looking at both. Proactive management of the portfolio is key. We are active managers, so our skill set really comes to the fore. We know clinical data is valued even in this market, and that is where we're focused. That can be seen because 80% of the capital we've deployed in the first six months of this financial year has gone into clinical or near clinical companies. One of the investment opportunities that we saw was our own shares, and we launched a buyback of GBP 40 million back in September this year. The balance sheet we've always talked about as being strategic, and it's ever much so in this market, where we can really crystallize the capital formations that allow our companies to progress when other companies are struggling. Helps us to navigate the cycle and move our portfolios to key milestones. One of the things we've been very focused on over the last six months is the build-out of the team. We made some great hires. You're going to hear from Roel and from John later in the presentation. Against this backdrop of a strong balance sheet, a strategy that's set to deliver growth, a really experienced team that has now worked together for a considerable period, Martin has decided to step down as chair of Syncona. I'd like to personally thank Martin for all he has done to get Syncona to the point it is today. It's been a phenomenal success. We look forward to another decade of growth. I know the team would thank him as well for the experience that he's brought to them and the growth that they've seen in their careers. He will stay on a couple of our boards for us to help navigate them to key junctures, so we're not losing him from that value in those portfolio companies. He leaves us with a portfolio that has six key inflection points over the next 12-36 months that we believe are positive, have the potential to deliver significant NAV uplift. I'm now going to hand over to Roel, who'll walk you through the market opportunity. Oops. Thank you, Chris. Good morning, everyone. Let's see if I can handle tech. Yeah. Good morning, everyone. So my name is Roel Bulthuis, Managing Partner, Head of Investments at Syncona. I joined Chris in April to help scale the business to deliver on our ambitious growth targets. I've been an investor and deal maker in the healthcare sector for over 20 years now, and I've previously built successful investment teams and portfolios at INKEF Capital and M Ventures. I wanted to spend a few minutes to talk you through the market context that we're operating in and how we aim to leverage our core capabilities to deliver on our strategy. I think we're all aware that we continue to operate in a very challenging markets environment with significant pricing pressure and very limited access to capital. We strongly believe that the fundamental and long-term value proposition of our industry remains, and that markets will come back to recognize the value of late-stage differentiated assets. We also believe that the core premise of our strategy, to develop first and best-in-class molecules to late-stage clinical, continues to be rewarded by pharma and investors. And while general M&A is at a low level in our sector, we do see a return to later-stage acquisitions by pharma, who buy into assets that they can add to their late-stage pipeline, and/or to their commercial portfolio. Pharma continues to need to replenish their portfolios and with new assets, and innovation continues to come from biotech. With that, valuations for later-stage assets are slowly recovering. The challenge remains, however, for earlier-stage assets, where there's significant pressure on valuation, it's very selective access to capital, and in private markets, we see that down rounds are becoming more and more common. So as recognition of value is shifting to later-stage assets, getting access to capital and funding our companies to data is key. And that means that for us, we are very focused on leveraging and rationalizing our own capital allocation to our portfolio, while we leverage external sources of funding to fund our companies to data and out of the current market environment. 'Cause with data, we are convinced that there's realizable value in companies, when they get close to the market, as you can see, and as illustrated by some of the examples on the slide. As a firm, I think we have an incredible track record to pick science and translate that science to products that create value for patients and for investors. I believe that when Syncona was founded, it really transformed the U.K. and European investor landscape with its ability to translate unique science to products, and doing that with an unprecedented level of ambition that brought substantial funding, senior executive talent, and discipline and focus to the sector. Today, our portfolio is maturing with a substantial focus on clinical-stage assets and an organization that is increasingly experienced in managing these assets. And so while we continue to believe that our core company build strategy is fundamental to our ability to deliver differentiated products to the market, we also believe that in the current market, we can leverage our balance sheet, our access to the market, and our expertise, to deploy capital against clinical-stage assets. It's especially true in the current market environment, where pressure on valuation and constrained cap tables give us a significant ability to leverage our strategy towards these deals. This is not a new activity for Syncona. As many of you know, our investment in Blue Earth Diagnostics delivered significant returns to shareholders, and our more recent acquisition of AGTC was the basis for the Syncona team to build a new leading ophthalmology company called Beacon. In each of these cases, our investment, and our investment thesis is based on a unique insight on the side of the Syncona team, that we believe that can accelerate value creation of these companies and data. And so investing across these kind of external opportunities, as well as clinical programs in our own portfolio, we can effectively prioritize capital allocation to drive to outcomes. We also continue to be focused on early-stage science that we can integrate into our core company build model. And so this, coupled with our focus on late-stage assets, means that we're building a portfolio with the potential to deliver growth on the short, medium, and long term. I'll hand it back to you, Chris. Thank you, Roel. We're launching today a new framework by which we're going to categorize the portfolio. This is to allow our shareholders a lot greater visibility on progress within the portfolio and the milestones that really count as these companies progress to late-stage clinical data. Quite often on our valuation framework, NAV uplifts don't always line up with the progress we see, and hopefully, this framework will allow investors to see the signals in the portfolio that might progress to capital access, and capital access that brings NAV increases. We see four distinct phases. Firstly, when we find science, we work with the scientific founders to set strategy, set the commercial opportunity, build out the management team, and we call that the operational build phase. Once that management team is in place, the Syncona team's role removes itself from the executive functions, but stays in the strategic functions, partnering with that company, helping to govern that company, intervening for course correction, helping to spot opportunities and drive growth. Between the operational build and the next phase, what you see is the company push through the preclinical stages, get into the clinic, and get an emerging clinical data signal. This is the first signal in patients that your biological thesis is going to translate to some clinical result. It's often with just a few patients, and it's quite an exciting time because when you get that signal, you really know you're on to something. At that point, what the company needs to do is consolidate that by working out what the best dose is, getting more patient data, getting longer-term data, and put together what we call a definitive dataset, which is the dataset that's required to go to the regulators to get permission to run a pivotal trial. Once you're at that point, you're entering the zone where we think very attractive M&A is available to the company, but you need to drive forward to create the tension for that M&A to realize. So you execute on your pivotal trial, you build out your commercial infrastructure, and then you get a product approval and launch that product. We've seen companies in all these phases across Syncona's history, and we've seen NAV uplifts, certainly at the later stages. Emerging datasets in Gyroscope and Nightstar drove acquisitions that led to hundreds of millions of GBP of NAV increase. A successful launch in Blue Earth, and the acceleration of the sales in that business, saw that company, over several quarters, increase in 100 million GBP of NAV. These are really meaningful events. They are few, but you only need a few to drive growth, and that is what we're focused on. So it's through that framework that we think about our portfolio. And as I said up front, we're very focused on active management, we're very focused on capital allocation, and we're very focused on getting companies that have the ability to get to the late stage, where we think there's big NAV increases possible, we're going to get them there. So that is prioritizing them to de-risking clinical data and then focusing our execution of the expected milestones that will drive capital access in the rest of the portfolio to allow them then to complete that step. We've had a great history in cell and gene therapy. Syncona's model is to be at the forefront of science. The forefront of science of the last decade was cell and gene therapy. We're still big believers in those modalities. Those modalities are now settling down to be key modalities in this industry, and we will take our portfolio that's in those spaces and really drive where the value is. We believe in cells. That is where we're category leaders, and so we will drive those companies. In gene therapy, we think there's settings where they distinctly deliver orthogonal data, what any other modality can deliver, and we will focus capital there to take those products into the late stage. That is the way we think we're going to deliver best risk-adjusted return. Across the rest of the portfolio, it's all about discipline. We're working with all of our companies to extend cash runways, to rationalize budgets. We're reviewing the preclinical programs to see if they still have merit in the current high cost of capital environment, and we're cutting programs where possible. We're making sure companies explore creative sources of financing. We saw Quell at the year-end do a fantastic deal with AstraZeneca, significantly improve that company's cash runway. That's gonna let it get to really meaningful data now before it needs to fundraise again. Also, widening syndicates, and where possible, seeking out liquidity events. When you apply that to the portfolio, we have a very exciting 3 years coming up. We've identified 15 milestones across the portfolio that will drive those companies' ability to access the capital to develop and grow. Among those 15, there are 6 which we have categorized as value inflection points. These are milestones which we believe have the possibility of positive to drive significant NAV value. In Autolus, we all know that they're about to file their BLA. We think obviously there's gonna be some incremental value there, but we really see the value getting driven by a successful commercial launch, and we'll get the data on that in calendar year 2025. In Beacon, one of the promises of Beacon is the long-term nature of that therapy, a single injection to arrest the progression of blindness, and actually, in some patients, actually improve their vision. It's quite remarkable. We get 24-month data in the next calendar year. That will be value to Beacon. Freeline, I'll talk about a bit in a minute, but it's got a very interesting emerging data signal. We'll see them dose more patients, and we'll see those patients get to later time points that I think will read through to clinical outcomes. I think that is very meaningful in that setting. Resolution, a company we've not talked about very much, is using macrophages to treat liver cirrhosis. They have an academic study run by the scientific founder there, which is reported data, which really looks quite intriguing in terms of the outcomes for those patients. What Resolution is focused on is industrializing the format of those macrophages so we can get delivered to hundreds and thousands of patients to make it a commercial product. But that academic data de-risks what they're doing and therefore raises our expectation of what that product will perform at, and we'll see that in 2026. In the emerging data set, we've got Quell in there, trial for solid organ transplant, and expect data over the coming 24 months. And then Anaveon, their second-generation product, which is engineered to improve on the first-generation product, AMV600, will give us data in 2026. We don't need all of these to work. In our past, not everything has worked, and we've still driven significant growth. We need some to work, 'cause when they work, they're really, really significant. So let me tell you about Freeline. It's obviously a company we founded in 2015 and has developed a therapy for Gaucher disease, which we think has the potential to be the best-in-class and actually first-in-class gene therapy for that disease. So Gaucher disease is one of what's known as lysosomal storage disorders. So these are disorders of the lysosome. The lysosome is the part of your cell that basically cleans up all the junk in your cell and keeps your cell healthy. There's a number of these diseases characterized by mutations to the specific proteins in the lysosome. In Gaucher's case, that's GBA. What it means for this patient is there's a buildup of toxin in cells, and those cells are then consumed by the immune system, and the immune system then aggregates that toxic waste, and those cells traffic to the liver, they traffic to the spleen. These patients see enlarged livers, enlarged spleens, they lose lung function, they fracture easily, they actually bleed easily 'cause platelet counts are low. It's a horrible, horrible lifelong disease. The current therapy for it is enzyme replacement therapy, so you have to go to clinic once every two weeks, once every two weeks for your entire life to get an infusion. So you have to take half a day or a day off work to do it for your entire life. And they get infusion. That enzyme lasts in your body for about a day, maximum, and it does ameliorate some of the effects. What Freeline's been able to do is use its gene therapy technology to deliver a working copy of the gene to the liver, to get the liver to synthesize the protein that's secreted into your blood, and the blood traffics it to all the cells that are affected. We saw data from two patients where that key immune cell, the one that is the end of the pathology, has been normalized by this therapy. Really remarkable data. We expect that to translate to real clinical outcomes as we move beyond six months. The market for this is about $1.5 billion annually. So it's an annual $1.5 billion market. This gene therapy has the potential to disrupt all of that. That's why we're excited, and that's why active management really counts, and we've decided that in this case, we want to do something other than just fund the company. We want to acquire it all, so we can have our shareholders wholly exposed to the excitement of this product. So with that, I'm going to hand it to John, who's going to talk about some of the newer opportunities. Great. Yeah. Thanks, Chris. It's nice to see everyone this morning. My name is John Tsai. I'm Executive Partner at Syncona. I've joined Syncona for approximately six months. I'm a physician by training, and I've been in the pharmaceutical industry for about 25 years. Most recently, I was the Chief Medical Officer and Head of Global Drug Development at Novartis, where I had responsibilities for 500 clinical trials and 160 projects. And, based on that, I saw the great science at Syncona and was excited to join the organization and continue to see great advancement in the overall portfolio. So I'm here to talk to you about driving growth, and I think we've seen some tremendous acceleration in science in a couple of different waves of innovation over the last number of years. Since the beginning of research and development and drug development. What we've seen is the first wave was small molecules, and we've seen a lot of drugs come to the forefront in that first wave. Second wave was around monoclonal antibodies, and where we've seen drugs like Humira take a front stance. Where Syncona has really taken the leadership is in that third wave, where we've seen advancements in cell and gene therapies, where we've seen transformational benefits for patients, and I would dare even to say cures in certain diseases where we didn't think it was possible. I think what we're seeing now is actually the fourth wave, and we as a team at Syncona are taking advantage of the fourth wave, and let me tell you a little bit more about the fourth wave. What we have is, increasing understanding of the genetics of the individuals. We have data on proteomics, transcriptomics, and what we're able to do is analyze all of that information while having the capabilities and understanding of different modalities. What we have in modalities, you've heard small molecules, large molecules, cell and gene therapies, ADCs, gene therapies. We've got even more that's available to us, and it's with that combination where we understand the biology, combined with the modality and the ability to analyze all of that data, that we will stay in the forefront of this fourth wave, and we've started a couple of companies based on that philosophy. So a couple of the companies you can see already here is Mosaic, combination therapies for small molecules moving quickly to the marketplace in oncology. Second, you'll see Kesmalia. This is a targeted protein degradation platform looking at protein homeostasis, and one that's particularly of interest to my heart, and you'll see why I say that in a second, is Forcefield Therapeutics. Let me give you a little bit more background on Forcefield Therapeutics. Forcefield Therapeutics has a vision to pioneer therapeutics to retain heart function, and in fact, what you've seen is there's been very little advancement in the area of pharmacologic treatment in cardiovascular disease. Cardiovascular disease is the leading cause of death around the world. Someone has a heart attack every 33 seconds, and there are 3 million heart attacks every single year. In the area of pharmacologic treatment, there's been only two therapeutics that have been invented over 40 years in the area for acute myocardial infarction, and this is where we've taken a stance to move things forward in the area of Forcefield. Forcefield has been the work of Professor Mauro Giacca, who's been in the area for over 30 years and has been working on this project for the last 10 years. He's used an extensive array library of 1,800 secreted proteins within the mouse secretome, analyzed that data over 1,800 different proteins, as I noted, and found two that are cardioprotective. We've actually turned those two proteins into recombinant proteins that can be used as a one-time administration for acute myocardial infarction. We've seen tremendous benefits in mice and animal models, where we've seen 67% decrease in the size of the infarct in animals, and we're looking forward to moving this into clinical studies. If I could indulge you in a little bit more science, and if you could just help me here. What you see when you get to the hospital, people actually have a heart attack, they call the ambulance, and you get in the hospital in the first three hours to the first six hours. What happens is you get oxidative damage, where potentially one-third of your heart, heart cells die. When your heart cells die, they don't come back. Over the next 72 hours, what happens is you see the acute inflammation and what we call programmed cell death or apoptosis. At that point, up to one-half of your heart cells could die, and they don't regenerate. By the end of the first month is where you get fibrotic tissue overtaking that dead tissue. So at the one-month mark is where you begin to see the heart failure. These are the mechanisms by which the Forcefield drugs work, by increasing the ability for us to what we call autophagy or improvement in cell life, decreasing apoptosis or decreasing cell death, and decreasing fibrosis. I've been so excited about the science that I've decided to take over as the CEO for Forcefield. I'm looking forward to bringing this therapeutic to everyone. So with that, I'll turn it over to you, Rolf. Thanks, John. That's a tough act to follow. Remind me next time around. Here we go. Good morning, everyone. As Chris has pointed out, access to capital is a challenge the whole sector is facing. So alongside talking about our NAV performance this morning, I'm also going to touch on capital allocation and how we manage our capital pool, which makes Syncona's balance sheet a real differentiator in these markets. So you can see from the slide, during the period, we saw a return on our life science portfolio of negative 7% and an overall NAV return of negative 4.2%. Our life science portfolio is GBP 621 million, reflecting an allocation of GBP 59 million into the portfolio, which was largely offset by the write-down in Gyroscope milestones following Novartis's decision to terminate the lead program. We also saw a slight uptick in listed values, predominantly driven by Autolus and a small FX tailwind. Turning to the capital allocation, we've always had a rigorous approach to capital allocation. But in the current markets, and with our portfolio maturing, we focus on ensuring that capital is deployed to those assets which are approaching or in the clinical stage, because this is where we see nearer-term value inflection points which are likely to be recognized by the market. At the same time, we need to balance this with ensuring we continue to make capital-efficient investments into new and exciting areas, and this is going to drive the next generation of portfolio companies, which John so nicely gave us an example of. In the period, we deployed GBP 59 million into the portfolio, and as Chris said, over 80% of that was into clinical and near-clinical stage assets. Within this amount, 26% was allocated to Beacon, our late-stage retinal gene therapy company, which we expect to see progress into pivotal trials in the H1 of 2024. We've also continued to invest in the early-stage assets to ensure we grow new businesses to drive value over the longer term. These investments tend to be less capital intensive in the early years, and we have brought in like-minded co-investors who share our vision, which brings with it capital efficiency. These investments are tranched to ensure we match capital investment to operational progress in the company. Our primary focus is to deploy capital into our portfolio companies. But as part of our capital allocation review, we do look broadly at the best investment returns available in our pipeline, but also in our own shares. During the period, we saw the discount in our share price increase to levels that materially undervalued the life science portfolio and the value potential we see in it. Consequently, the board initiated a buyback program of up to GBP 40 million, signaling their confidence in the portfolio and the compelling investment opportunity it provides. We're maintaining our guidance of GBP 150 million-GBP 200 million for the full year. The range is really dictated by the timing of new deals. As Chris has mentioned, we've got some exciting prospects in the pipeline, which we hope to land in the second half. I would add that this guidance does not include the GBP 40 million of the share buyback program. We've discussed before, our aim is to balance capital efficiency with a confidence in our funding ability. Our aim is to keep up to three years of a funding runway to ensure that our portfolio companies are funded through those key milestones that will drive NAV and capital access. To the extent we benefit from realisations that take us significantly above the three-year funding runway, the board would look to return excess capital to shareholders. Our capital policy is to maintain the value of our capital pool while ensuring liquidity. In these volatile economic times, we try to achieve that by holding 12-24 months of funding in cash and short-duration treasuries, alongside a selection of low volatility, highly liquid funds, with an overall aim of trying to achieve a core CPI return over the whole of the capital pool over the medium term. We closed the half with GBP 581 million in our capital pool, and we delivered a 1.3% return during the period. With that, I'll hand back to Chris. Thank you. Thank you. Our model is impossible unless you have great people. We're very active managers of the portfolio. You've heard from John, we take executive roles in the portfolio to really drive them and drive their growth, and we're really pleased where the team's got to. Obviously, you've heard from Rol and John today, who've joined the team this year. We've had progression within the team with Ed, Lisa, and Magda, and Ken and Lisa joined us as executive partners over a year ago now. All of these people are CEOs in their own right that can go in, lead independent deals, can lead companies, can take on chair roles, can sit on advisory boards for particular events such as Lisa's doing in the commercial launch of Autolus. So we are set with a team now that can deliver the strategy at scale. We've never been in a position where we've got 5 independent lead investors that can effectively grow the portfolio, and we've never had a position where those lead investors are augmented by experienced executive partners that can drive execution, but also bring their own domain expertise. To have the benefit of John's clinical expertise across the whole portfolio, and the investment team can come to John and talk about the investment opportunities they've, they're seeing, is something we've never had the benefit of before, and we're already seeing the quality of that. We remain very committed to the targets that we laid out a year ago. It is not going to be a straight line to GBP 5 billion, particularly in this market, but what we set out was a strategy where we're going to increase the number of companies that we're going to create. We created three last year, so we already hit it. This year, in this market, we're going to take greater opportunity in late-stage assets, as Roel outlined. But also, where we see great opportunities in our own portfolio to do interesting things that really drive risk-adjusted returns for shareholders, we'll do those as well, such as what we're doing with Freeline. Those three new companies a year are critical to drive a bigger and broader portfolio. We're going to drive that portfolio to 20-25 companies. That's key because it increases the diversity across the portfolio, but also increases the optionality of where we can deploy large checks. And that optionality to deploy large checks means we've got better choices, and better choices lead to better returns. That diversity doesn't come from a top-down diktat. That diversity comes from Syncona exploring the frontier of science. On the frontier of science, there are brilliant people doing a set of diverse things, and if you follow the very, very best things, and you match them with the modalities that are right in those settings for those diseases and that biology, just as John outlined, the portfolio will naturally diversify. And we're already seeing that as we're moving beyond the third wave into what we think the next decade will bring in terms of modality and therapy area. When we have that portfolio, what it means is we've got a set of great choices where we want to put our GBP 100 million checks down to drive to those three to five companies that are going to be the underpinning of that GBP 5 billion target by 2032. So in summary, clearly the macro environment, macroeconomic environment is difficult, but we are doing, we believe, all the right things to execute within it and make sure our companies are strong, hitting their milestones, and will emerge from this in the right shape. We're resolutely focused on capital allocation. That is a key differentiator in this market. It is the best way to drive NAV growth when coupled to active portfolio management, and you can see us doing that. We've outlined a new framework. Within that framework, we see six value inflection points that can really drive NAV. To reiterate, they don't all need to be positive. You just need a few to be positive, and that's what will drive NAV. The balance sheet both enables the capital formations in those companies, but also the strategic space to start the new companies, especially when that part of the market is receding. We will still be there. We will still be creating the biotech leaders of the future, which means in 3-5 years' time, we will own the best companies that are entering the clinic at that point, where the market has missed them. We are focused on delivering our targets. We believe we're making really good progress again. A lot of the platform capability has gone in this year, particularly around the team. We're very pleased with where the team's got to. We're not aiming to emerge from this market in the same shape we entered it. We're aiming to emerge from it in stronger shape with a more mature portfolio, with later-stage milestones that drive greater value NAV uplifts and potentially liquidity events as well. Really appreciate the support of our shareholders. We look forward to speaking to you over the coming days, but obviously very happy to take some questions now. Thank you very much. To be doing something similar to AGTC, where you take it off market, package it up, re-syndicate, and sort of build up a stronger rare disease portfolio with that one? And then sort of finally, on, yeah, just generally your thoughts on Autolus. Obviously, they've got a lot going on. How well financed do you think they are to undertake a strong commercial launch and then drive kind of more value for you? Sure. As I said, it's sort of a range of things. So we have them within the existing portfolio, we have a number of things that'll be coming up. I think the scope is both around, partly will be driven by Freeline, because I think it's not just the taking of that private, but it's also then the funding of it through its next stage. And then I think a third element of that would, you know, we've sort of hinted at some other things that we're looking at, that within Chris's target of three new companies, there's a few things that we're looking at. If we land some of those in the second half, that could sort of indicate perhaps towards the top end of that valuation. The only caveat I put on that is you can never guarantee the timing of these things. But, you know, the anticipation is that we'll land, you know, some of that within the year, which would drive us towards the upper end of guidance. Yeah. And then on Freeline, look, we think that data is very compelling. We think the public market's missed it. And some of that, you could argue, around the capital structure, it has our ownership position and liquidity, et cetera, et cetera. So we think it's a much better place for it to be private, where that team can focus on execution. You can actually do it in a more capital-efficient way because you can remove the public overhead. And yeah, the financing of that will be something we consider once we've taken it private. But obviously, we're well-capitalized ourselves. What we see as a product there, that if it continues to progress as we expect, could be in a pivotal trial in 2025, and that's the zone we always talk about as being an exciting zone to get our companies to. Then your wider question around kind of consolidation. You know, I am very, very impressed by Michael Perini, who's the CEO there. I think he's a first-rate CEO, and I think we are in a market where you're trying to aggregate your best people, you know, best assets onto similar platforms and do it in a cost-efficient way. That is something we could consider. We have no plans to do it now, but it's logical in this current market. And then on Autolus, look, you know, Autolus is a company we're very proud of. You know, to go the journey from a UCL spin-out all the way to a product approval is an incredibly difficult journey, and that company's on the cusp of completing it, so well done them. Obviously, you know, there are things that happen en route around manufacturing that we learn, et cetera, et cetera. But now it's at the point where I think we can really see sort of the execution. We expect the BLA filing to go in as per guidance. We think they're in a good position to do the commercial rollout. I think a number of people in the room have been to visit the manufacturing facility up in Stevenage, which I think is pretty impressive. They announced their pivot out of oncology with the lead asset. I think that's an exciting breaking space that Autolus's product is well positioned for, given its profile. I think the real, sort of NAV uplift traction that you should expect is around the commercial launch, and that's not gonna be immediately obvious at the point of product approval. You're probably gonna have to wait, beyond that to see how those sales are tracking. Yeah. Hi, good morning. It's Miles Dixon from Peel Hunt. Three questions, if I can. First one, I think for John. You described the fourth wave. Is that really the right tool for the right job? And secondly, Chris, I think you talked about the focus on capital allocation and later-stage assets. Is that work now complete, and are all your portfolio companies on board singing from the same hymn sheet, or is there a bit more work to do? And then thirdly, around the Autumn Statement, I think probably for all of you, there's lots of discussion about what's best for U.K. healthcare and life sciences. What would be on your Christmas list for the Autumn Statement? You may start, Chris. Okay. Yeah. Thanks, Miles. I'd like to start with my Christmas list, but maybe we can go back to the very first question. The fourth wave, is it the right tools for the current job? I don't think we actually have a choice, to be honest with you, Miles, because if you think about the diseases that afflict humans, we've made so much advancement in terms of understanding the biology. And truly, it's, you know, since the end, the genes were mapped out, now we've got more tools than ever. As I mentioned, you know, you've got radioligand therapies, ADCs, small molecules, large molecules, and it's actually a combination of those modalities that will allow you to get the best benefits. We're seeing that in oncology, where we see immunotherapy combined with chemotherapy. That was the start, but now we're also seeing, you know, perhaps ADCs could add to the incremental benefits that we've seen. Now they're translating that into immunology. In cardiovascular disease, we're talking about gene therapies in terms of treatment for cardiomyopathies. These are patients that actually had a death sentence for five years, and now these patients are living full lives. So how do we actually use that capability? And layering on top of that, what's really great is the data analytics capabilities. I mean, we have more data than we know, and you can analyze that information through digital means, laboratory results. If you could layer all of those components together, it means better outcomes for patients, and we're really taking advantage of that, using the knowledge of the team and the forefront of the understanding of science at Syncona to really drive that forward. So I think to go back to where I started, I don't think we have a choice, and I believe the fourth wave is already here. In terms of the portfolio, look, you know, it's a significant amount of change management to go from business plans that were designed for a different cost of capital to ones that better fit the current. Also, I think we're through a lot of that work. I wouldn't say we're 100% through. I think the majority of our companies now have plans that are things that we would support. So that's good. The work's never done, you know? So you're always getting data that's course-correcting your assumptions and resetting your strategies, and that's right. That's the dynamic nature of what we've got, and we're working very hard to ensure that those companies are properly capitalized as well, 'cause what we don't want to do is have great science impaired by not getting the right money around them. Everything in our portfolio, we like a lot. We found most of it and built it with our own bare hands. But it's not just about being a great company in this minute. You know, it will be a survivor market for those that can access the capital. It's where our portfolio's differentiated because the balance sheet allows us to support in ways that others can't. But it can't all come from us either. Christmas lab? Money. Look, we're encouraged by the government's announcements. I think what we'd like to see that we'd like to see that reduced to tangible schemes and tangible schemes that have the flexibility to help all of the players in the market. I guess, you know, firstly, the access to capital piece is great, but if it comes in one way that supports one section of the market, then all you've got is one structure capital for the market. Just as you want diversity of companies, you want diversity of capital because different capital matches different business models. I think that would really help the robustness of the offering, and I think, you know, the government's committed to it, and it's a cross-party issue, so I think Labour are committed to it. I think there is the kind of flick the switch from the great intent to the actual, "This is what's gonna happen," that we'd like to see. Yeah. Anything else? No? Yeah. Thanks, Miles. Thank you. Good morning, Edward Thomason from Liberum. So I had a question actually about capital allocation, but I suspect it will probably be shared across the panel. But, with your balance sheet strength, and particularly where you're pointing to valuations on Slide 6 for public markets, and in light of your comments, Chris, at a recent conference, where you talked that private markets are yet to catch up, particularly in the early stage, would you look to be deploying your capital in public markets, potentially adding mid-stage companies on the cusp of proof of concept, rather than looking at deploying it into early stage and creating companies from scratch? I think the answer is we're gonna look to do both, because that company formation bit is the strategy for all seasons, and we want to make sure that in five years' time we've got that crop of companies coming through. But clearly, as Roel talked about, there's a later stage opportunity, so maybe you want to take that bit. Yeah, I think there's, I mean, there's an opportunity to help accelerate and diversify the portfolio when you look at both, right? So long term, there is. We continue to have a strategy to do our company builds. Those are companies that take time to build, they take time to mature, and they take time to get to realizations. So that is something that is part of our long-term planning. I think in any market you can find, whether it's in public markets or in private markets, you can find assets that you can add to the portfolio on the condition that it fits strategy and on the condition that it's based on a, an investment thesis where we can contribute something that is differential and that can help us to accelerate the value. I would say that in the current market, yes, private markets still have some valuation reset to go. I think there's a couple of other things in the private market that we take into account in terms of capital access, longer term, that further differentiates us from the, I guess, what you would see as the traditional investors in private markets. But there's a lot of undervalued companies in public markets as well that have interesting assets, and that could be targets for a group like ourselves. So we look at it broadly. Investment decisions, I think, should be driven by fundamentally our belief in the assets and our belief in our ability to translate those assets to something that we can realize. I guess we're less dependent or sensitive to transaction structures than if we can realistically make that work. I just had a follow-on question, more of a crystal ball question of looking into next year, of how we think it will play out. What's the real, whether it's a soft catalyst, a hard catalyst, for the valuations you're now to start improving, the prospects and just generally in the market improving, but also, a more risk-on attitude towards biotech. So what, is there any events that you think will be a catalyst, whether they're hard or soft, next year? Should I talk about portfolio? You do the macro-economic prediction, please. I was going to steer clear of the crystal ball. I think it's really important when you look at financing companies right now, not to try to put any type of crystal ball or expectation for the markets on it. The expectation is that we need to fund our companies to data, independent of what happens in a macroeconomic environment, independent of what happens to private or public markets. I think we have always conservatively financed our companies. Conservatively, conservatively meaning that there is a significant amount of capital that we can deploy. We are actively syndicating our companies to make sure that we leverage external capital, so that we build cap tables that have quality money, and allow us to finance companies to the future. It will be helpful if we see some changes in the external environment, and it might accelerate our ability to get to realizations. But if you look at some of the slides that we showed earlier, we don't believe that by the time that you get to data that is late clinical and that really validates that you have a product, we don't believe that you're so much subject to market sentiment, and you're so much more subject to actually providing something to pharma that can contribute to a pipeline. That's where we need to get. Thank you very much. Good. Very good. Well, if there's no more questions, there's still tea and coffee outside, and we'll be around if you want to ask us individually. Thank you very much. Thank you. Thanks.