Welcome to Syncona's full year results. I'm going to take you through some of the highlights from the year and work we've done to embed a new operating model and rebalance the portfolio. My colleagues Kate, our new CFO, will take you through the capital deployment, our evolved approach to capital allocation, and then Roel and John will take you through some of the portfolio management that we've been doing and some of the new exciting opportunities that we've added to the portfolio. So NAV was up 1.2% in the year, a resilient performance against a challenging market backdrop. I will touch on the components of this on the next slide. It has not just been about protecting the value in the portfolio, but positioning us for growth. To do this, we simultaneously delivered on three key elements. Firstly, proactive portfolio management. Our hands-on approach has allowed us to rebalance the portfolio to later stage assets and change the mix and modalities in businesses so they're better suited for the growth and the higher cost of capital environment we now occupy. We streamlined the portfolio through focusing on the highest potential assets, consolidating and selling companies, with four companies consolidated and two companies sold, and accessing scale capital in conventional and creative ways. Secondly, rigorous capital allocation. We met guidance for the year and deployed where we believe we can drive the greatest return, primarily in clinical and near-clinical assets. To fuel future growth, we continue to add new companies to the portfolio, announcing three today, including one clinical asset, which has accelerated our rebalancing. We've also evolved our capital allocation approach, which is now more dynamic and reflects the growing maturity of the portfolio, and this has allowed us to take advantage of a share price that significantly undervalues the portfolio in our view. So we announced a buyback in September and extending it by GBP 20 million today to take advantage of that investment opportunity. Thirdly, team build-out and operational model. We recognize that the time that we set out our ten-year targets in November 2022, the growth required key new additions to the team and a fundamental shift in how the team operated. We've both added key hires and changed our operating model, which empowers our talented and experienced team to drive investments. Taken together, we're well positioned entering the new financial year. We've seen strong delivery in clinical, operational, and financial milestones across the portfolio. The portfolio has moved later stage and close to the zone where substantial NAV increases can be achieved, and the balance of our balance sheet allows us to be funded to the key value inflection points in the portfolio. The last 18 months has been incredibly hard work for the team, and I'd like to thank them for that hard work, but the business is now repositioned and is well set to deliver growth in improving market conditions. Breaking the performance down, NAV is GBP 1.2 billion and NAV per share return of 1.2%. Performance driven by positive returns from the life science portfolio and the capital pool and further enhanced by accretive share buybacks, with 20 million of shares repurchased in the year at a 35% discount to NAV. The life science portfolio was valued at GBP 786 million, returned at 2.2%. Autolus's share price provided the most significant uplift of GBP 120 million, but this was offset by the GBP 56 million write-off of the Gyroscope milestone and partial write-downs of an Anaveon following its strategic decision to refocus on its next generation program and Clade, which was sold to Century Therapeutics. Given the cash-consumptive nature of biotech, our business is refinanced at regular intervals. This means the significant majority of our companies have third-party marks over the last few years and all within this bear market cycle, giving a robust basis to NAV. The capital pool so essential for our model was at GBP 452 million at the year-end. November 2022, we announced our ambitions for Syncona and a plan to scale. In the first 10 years of Syncona, we have demonstrated that our differentiated model can deliver world-class biotech companies, and when they are successful, they can provide GBP hundreds of millions of profit. We embarked on and have subsequently executed on a plan to bring scale to that model through new team members and a new operating structure. We built a platform that can build and manage a portfolio of 20-25 companies. It is from this group that we intend to deliver 3-5 to late stage, where we are the largest shareholder. There is plenty of market data that says late-stage businesses in this sector are worth far in excess of $1 billion, and that is what will drive return. I'm more confident today than I was when we first announced these targets of our path to GBP 5 billion because I see an organization capable of it, a portfolio whose value has been maintained through a brutal bear market, and a set of companies full of promise. So these targets were launched into the teeth of that bear market. Since its peak in February 2021, the XBI has declined over 40%. Over the same period, our life science portfolio has declined by a value of 13.5%, and our NAV per share has declined by 6%. Lots of value has been protected through the actions this team has taken. Values for early-stage biotech businesses collapsed and access to capital evaporated. Value returned to late-stage assets first, validating our model of building high-quality companies to the late stage, but remained tough for anything earlier, making the journey to get there much harder. Private markets shut down, and only recently have we seen those markets improve, again, starting with the late stage, but we're seeing some flows of capital early in both the private and public setting. We think these market conditions validate the approach we have taken for managing our own portfolio, as well as our continued focus on our investment opportunities where we see a clear path to high-impact clinical product. But in biotech, you cannot rebalance a portfolio by selling what you have and buying all new stuff. That just destroys value. You need to aggressively drive forward and rebalance the portfolio through prioritization. We identified four important steps and subsequently executed on all of them. Firstly, prioritize capital to the most promising companies and assets, prioritizing pipelines, which involve making difficult decisions that impacted the valuations of the affected companies. Where companies cannot attract third-party capital alongside Syncona on a standalone basis to move a company to a significant milestone, be disciplined and sell the asset or consolidate the company. Expand syndicates to strengthen portfolio company balance sheets, be creative in deals, and execute strategic transactions to extend runways. Secondly, we are a global leader in cell and gene therapy, but these are expensive platforms to build, and the cost of capital meant that we needed to rationalize our exposure there. So we prioritized those companies with late-stage products or a company where it had genuine potential to be a global category leader in its space. Through this focus, we moved from nine to six cell and gene therapy companies and from one late stage out of those nine to two out of six, with a third one that will join them next year. Thirdly, make sure you're not too introspective and that you take advantage of the market conditions and increase exposure to late-stage assets at attractive prices. We acquired AGTC, we acquired Freeline, complicated transactions that really exemplify the sophistication by which we can do deals, and John will talk later about the addition of iOnctura to the portfolio. Fourthly, build momentum in new deals. It's very easy in these markets to forget about the growth beyond the next three years, so you have to add new deals to the portfolio. We've added six since the launch of our new targets versus 19 in 10 years, so we've hit our three per year guidance for a second year running. I'm pleased to say that we've largely completed this work and now have a significantly rebalanced portfolio. At the beginning of 2023, 8% of the life science portfolio NAV was at later-stage clinical. It's now 36%. That is a four-fold increase of exposure. Only 31% was at clinical stage. It is now 71%. That's more than double. Why is this important? It's important because significant returns in our sector are made in the clinic, and a much greater amount of our portfolio is now exposed to that upside optionality. By number, our portfolio is now less than half cell and gene therapy, meaning it is more appropriate to the capital access environment we're now moving forward in. We've always been well diversified across the therapeutic area and have maintained this. We believe this is now a really robust platform for growth. Why does this matter? Well, our NAV growth framework, which we introduced interim, maps us out. We now forecast milestones which can enable capital access and milestones that have the potential to drive NAV uplifts. We call these key value inflection points or KVIPs. We believe this allows our shareholders to track our progress and better understand where and when we might drive future value in the portfolio. We set up four stages: operational build, where we're building a team and setting a strategy. This allows us to access third-party funds to really scale once we've done that. Occasionally, and especially in this market, we need to make hard choices that a business, no matter how excited we are about it, cannot access the capital to go the distance. We take a decision around it to actually maintain as much value as we possibly can. And that's what led to the sale of Neogene where we got our value back out. Once you've built it, it moves to emerging efficacy data, and it's from this point onwards that things get really interesting. Emerging data is the first sign that the therapy works in patients. Gyroscope was in this position in January 2021 and generated GBP 325 million of proceeds through its sale to Novartis December 2021. So not when the data came, but not within that much time thereafter. Definitive data is the data that allows you to enter a registrational trial, the last trial you need before product approval. Nightstar had definitive data in September 2018 and generated GBP 256 million of proceeds through its sale to Biogen in March 2019, just over six months later. Once the products approve, its sales ramp can drive further value, just as we saw at Blue Earth over several quarters prior to its acquisition by Bracco, generating GBP 350 million of proceeds. We build companies so we can hold high-quality companies from emerging data all the way to the market. It's in this zone where NAV growth is possible. We can never predict exactly when, but what you have to do is expose the portfolio to it, and our significant rebalancing of that portfolio now does that. Here is that portfolio. Five companies moving towards definitive data or the market, two of which have been added in since the launch of our targets, with Spur now moving to definitive data, and they expect to launch their pivotal trial next year. Only seven of these companies were in the strategic portfolio in this form 18 months ago. It represents a diverse set of opportunities with a high cadence of clinical readouts, 15 in total over the last 15 months and many more to come. The quality of it is continually exemplified by its attraction of strategic partners and third-party capital, with the portfolio raising over GBP 700 million, leveraging Syncona's balance sheet, with Syncona committing GBP 118 million. We're excited by the opportunity this portfolio provides. I'm going to hand over to Kate, who will talk you through how our deployment, capital pool, and how capital allocation dovetails with our portfolio management strategy and how our rebalancing allows us to think about capital more dynamically. Thank you, Chris. Good morning, everyone. I'm delighted to be here for my first set of results as the CFO. I joined Syncona in 2022 as Group Finance Director, bringing with me over 20 years of experience in finance. More recently, I had held leadership positions at Gilead Sciences and Vectura PLC, and I was appointed to CFO in April of this year. So Chris has just described the NAV framework, and you can see from here how we have deployed our capital against this framework. GBP 136 million out of GBP 170 million total deployment in the year has been against companies who are moving towards definitive data or moving towards being on the market. We've funded both existing portfolio companies and one new clinical stage investment, iOnctura, with a GBP 25.7 million investment. You'll hear more about this company in a moment from John. We've also continued to invest in earlier stage assets to create and build new businesses and support our long-term growth. We're committing to new companies, Yellowstone, which we also cover later, and have had a further commitment to Forcefield, which is a seed investment we made in 2021, where we have now committed GBP 20 million to a Series A investment alongside Roche Venture Fund and an uplift to the seed round. We have deployed this capital, GBP 172 million, at a time when cost of capital and access to capital has been challenging for biotech companies more broadly. We have a strong and exciting pipeline of investment opportunities, and we anticipate deploying between GBP 150 million and GBP 200 million in this coming year. So our capital pool is essential to driving value in our life science portfolio. It is a strategic asset that we need for delivering our strategy. At the end of the year, we had GBP 452.8 million in our capital pool, and this meant that we're funded to key value inflection points, which have the potential to drive significant NAV growth. We hold 12-24 months of funding in cash and short-duration treasuries, and we allocate our longer-term capital to low volatility, highly liquid funds or mandates. The overall objective of our capital pool is preservation and providing liquidity. We aim to get a return of core CPI over the medium term, and in this year, we have had returns of 3.4% in the capital pool. As Chris has mentioned, we believe that the current share price has been materially undervalued the portfolio and its potential, and therefore has represented a compelling investment opportunity for us. As you will have seen, in September, we announced a GBP 40 million share buyback program. By the end of the year, the end of March, we had repurchased GBP 20 million of this, which has resulted in a 1.61p NAV accretion. The buyback has been ongoing, and to date, we have repurchased a further GBP 10 million. As you will have seen, and as Chris mentioned, we've also announced a further GBP 20 million to the share buyback program, and the total of GBP 60 million in this program, we believe, strikes the right balance between allocating our capital to our portfolio, our maturing portfolio, and also to the share buyback where we see the compelling investment opportunity. We've evolved our capital allocation policy to be more dynamic and flexible, where we look at the balance sheet more holistically. This is ensuring that Syncona is positioned to sustainably deliver capital access milestones and is funded to deliver key value inflection points. Early stage assets tend to be highly illiquid. As our portfolio matures, there is more potential for us to access third-party capital and liquidity. This evolved approach retains the strategic balance sheet that underpins the delivery of Syncona's long-term strategy, whilst also allowing the company to optimize return for shareholders. I'll now hand over to Roel, who will take you through the portfolio and platform in a bit more detail. Thank you. Thank you, Kate. Good morning, everyone. My name is Roel Bulthuis, Managing Partner and Head of Investments. Let's bring that strategy to life with a real-world example. Many of you know Autolus. It's a company that's a great example of our model in action. We founded Autolus in 2014, creating a company around technology pioneered by Dr. Martin Pule, which we spun out from UCL. Our team and several members of our team played a critical role in Autolus's creation, and over the course of the next 10 years, we worked closely alongside the management team and supported multiple financings to build the company. And that included the early establishment of the company's team, building its platform and strategy, the build-out of the company's manufacturing facilities, and importantly, working with the management team on cost and balancing of the portfolio to support the clinical development of obe-cel. Autolus filed its BLA for obe-cel in November 2023 and is now planning its commercial launch later this year. Ultimately, we believe that this product will provide ALL patients with the potentially best-in-class therapy. So Syncona and our team have been pivotal in this success, and we're very proud of that. Autolus is a great example of the significant impact that our create, build, and scale model, and it illustrates what we can achieve as an investor alongside our portfolio companies. Now, I was very excited to join Chris and the team because if you can build a team and implement processes that allow you to scale this model, we can build something really valuable. And you can drive multiple assets through to late-stage development and deliver transformational therapies to patients. Now, in order to do that, and Chris mentioned a lot of this already, we've done a lot this year. So in this last year, we've built the team and embedded a high-quality operating model that we believe can deliver scale. We've operationalized our launch function to streamline the setup of new portfolio companies, accelerating their early development in line with the Syncona model. We also embedded a new operating model to optimize deal execution and portfolio management. We expanded our executive and senior team to enhance access to deals and to work with portfolio companies as they scale. And that allows you to run your companies with the insights from top industry executives. John, who will be on stage in a second, has been leading Forcefield as a CEO, a company that has a unique approach to treating cardiovascular disease and a rapid plan for clinical entry. Gwynneth Pemberton helped establish Beacon's regulatory strategy, positioning that company for a pivotal study in XLRP, which it initiated earlier this year. This new operating model provides us with a platform to deliver our 10-year growth target, and it has also helped us to support the work we've been doing with our portfolio throughout what has been a really challenging period for biotech. A few words also on the portfolio and on portfolio execution. Throughout this year, we've proactively managed our portfolio and driven strong execution. To achieve that, we've broadened and strengthened syndicates across the portfolio while maintaining significant ownership and influence. As the most recent example of that, you will have seen this morning that we brought Roche Venture Fund into Forcefield to finance the company. We took a disciplined approach to capital allocation and refocused pipelines to maximize value, as you saw us do with Anaveon, and we supported strategic partnerships and financing solutions to enhance our company's strategies, illustrated by major strategic partnerships for Quell and Autolus. We also executed on opportunities to consolidate companies and prioritize capital on our most promising assets. For Clade, that meant that we saw new owners due to the significant quantum of capital needed to get to clinical data. With Spur, we seized the chance to build a leading AAV gene therapy company with a mature clinical pipeline. I'll leave it to John to share more about why we're so excited about this company in the next slide. Morning, everyone. My name is John Tsai, an executive partner at Syncona, and it's great to be here with you this morning. You've heard from Roel as well as Chris about proactive portfolio management. You might be asking yourself, what does that really mean? Well, I'm going to give you three specific examples of proactive portfolio management. One is in terms of looking at the overall portfolio and leveraging synergies, and that's the company that we created, Spur. Second is constantly evaluating the marketplace for differential opportunities in the clinical marketplace. And third is looking at high science within the U.K. and outside of the U.K. and building biotechs. So let's dive right into the first, which is Spur. You may have heard recently in the news, oops, sorry, guys, in the news that we combined two companies, Freeline and SwanBio Therapeutics, to combine to become one of the leading AAV gene therapy companies. In Freeline, what we had was a portfolio in lysosomal storage disease. We had a leading management team as well as a pipeline of assets with AAV gene therapies. In Swan, we had a treatment for adrenomyeloneuropathy. We combined the two, leveraging synergies in terms of operational efficiency, building a leading pipeline, and also looking at opportunities where in gene therapy you really need that expertise in areas such as CMC manufacturing, regulatory opportunities, as well as how to actually go out in the marketplace. And that's what we created within Spur. Let's talk a little bit about the pipeline within Spur because there was some news that was released on the asset that's treating Gaucher disease. This is a late-stage leading opportunity in Gaucher disease. Let me tell you a little bit about Gaucher disease. It is an autosomal recessive disease where 1 in 100 people in the world actually are a carrier. So when you have two of these recessive genes that become one, then what you get is Gaucher disease. You get fatty lipid deposits within multiple organs within your body, and you could see that in the bottom right of your slide. It deposits in your bone, in your liver, in your spleen. In these areas, this is what happens, and you get symptoms, including fatigue. This data, as I said earlier, was recently released at ASGCT, where we've shown significant improvements. After 10 years of treatment, when these patients are treated with enzyme replacement therapy, 60% of these patients continue to still have fatigue or not relieved of their symptoms. The data that we showed in the first four patients that received the treatment for FLT201 actually had significant improvements in fatigue, decreases in lyso-Gb1, which is the leading biomarker for Gaucher's disease, as well as improvements in bone marrow burden. That is proof of concept in terms of moving forward in terms of treatments for Gaucher's disease. That's the first asset in the pipeline. In addition, there are additional assets in the central nervous system for Parkinson's disease as well as for adrenomyeloneuropathy. The second example that I share with you is constantly scanning the marketplace for opportunities in the late stage. iOnctura, which was mentioned earlier, is an area in oncology where we looked and saw there was differential potential for treatment in this area. There's a leading drug called roginolisib in the PI3 kinase delta, phosphoinositide-3 kinase pathway. This is a common pathway that's dysregulated in many tumor types. These tumor types include prostate cancer, breast cancer, ovarian, and endometrial cancer. You would say, well, if it's so commonly regulated, why aren't there other drugs in this area? Well, it's because when you actually bind directly to the PI3 kinase site, what happens is you also get the effects because this is the growth and most cellular proliferation growth and differentiation. So when you block that pathway, you actually block normal cells from dividing also at the same time. This is an allosteric inhibitor, so it doesn't bind directly but has a differential binding that allows it to have a differential profile for us to move forward in the PI3 kinase approach with roginolisib. Most recently, there was data that was shared at ASCO, which showed improvements in uveal melanoma. Uveal melanoma has been a very difficult disease to actually treat. What happens is more than 50% of the patients still die within 10 years. With the advancements in IO therapy, there really is still not improvement in uveal melanoma. What we saw at the data at ASCO is that the overall survival in patients who actually had stable disease had overall survival beyond two years, which is a significant breakthrough for the treatment of uveal melanoma. This is the leading compound in the pipeline, and multiple additional indications, including other solid tumor types, can be treated with uveal melanoma being the faster market approach in addition to the other assets in the marketplace. We've actually invested GBP 30 million out of a GBP 80 million Series B as we advance to phase II in the fall. The third example that I'm going to share with you is Yellowstone Biosciences. Yellowstone Biosciences is a spinout from University of Oxford. And what you can see is this is right up the power alley for Syncona, building biotech companies from the very start based on hard, great science from academic institutions. Professor Vyas, who started this work, is a world-renowned hematologist treating AML, and he's collected 10,000 samples from 2,000 patients with AML. What he saw differentially is 15 of the 2,000 patients actually had cures. This is a rare word that you ever hear in oncology. He had cures without graft versus host disease. We took that knowledge to look at the antigens and figure out an approach to treat these patients as we move forward. And what you can see is we've provided GBP 16.5 million in a Series A to move it forward. Not only have we done that, we actually helped provide the leadership and a CFO, CSO, as well as some other members of the executive team. What's great about this approach is on the right-hand side is we've built a launch team to accelerate the approach to get these biotech companies off the ground. You could see all the ancillary services allowing the science to move forward while we have this launch team to provide HR services, clinical operations, and others so we can rapidly advance to phase I and phase II. These are three specific examples of how we're proactively managing the portfolio, with two of these being in the clinic already moving forward. Hopefully that gives you an idea of what that means for proactive portfolio management. With that background, Chris, I'm going to turn it back to you. Thank you, John. So it's clinical data that drives value. As we've seen in our framework, these events temporarily link to NAV uplifts. We enter the coming 30 months with eight value inflection points already identified. They range from readouts that will allow entry into pivotal trials with Spur and iOnctura to pivotal readouts at Beacon, and then first sight of emerging efficacy from Quell and Anaveon's next-generation product. In biotech, these milestones carry risk, but we only need a few of these to hit to really drive NAV growth across the portfolio. It's a rebalanced portfolio achieved in very rapid time by a strengthened team operating on improved scalable processes that gives me such optimism. Market conditions have been tough, but they are easing as capital is becoming available to allow Syncona to scale its portfolio. Our active management has improved the portfolio in both stage and construction. We are well positioned to support our companies in delivering on their upcoming milestones. We've hit our new targets for investments for a second year running. We have two companies beyond definitive data. While the portfolio has not expanded in size, it has changed significantly by taking the tough decisions to consolidate companies and add exciting new companies to the portfolio that we believe will be the leaders of the future. It will grow from here. The balance sheet is central to what we do, allowing us to uniquely match the asset cycle in this industry and crystallize the financings required at each stage of our company's journey to get products approved. The people and processes we now have give me confidence that we have a strong platform for growth, and the portfolio is now well positioned to deliver value in a market that is showing signs of returning to normal service. The momentum we have going into the next year is exciting. Thank you for your time and your support at Syncona. We're very happy to take some questions. Hi, Miles Dixon from Peel Hunt. I've got two questions. One being, can you provide a little bit more color on the split of the capital allocation for the next year? So how much will be going into portfolio companies and how much into new companies? Do you want me to do that? Well, I can take quite a high level, and then if you want to talk about any specific companies. Why don't you frame it and you go? So we don't guide on that. Clinical stage companies are cash consumptive. So those you've just seen a portfolio at 70% clinical stage, so you can make an assumption of significant amounts going there. But you also see in the new companies the sort of checks that we deploy across iOnctura and Yellowstone. I don't think it will massively deviate from that kind of entry check size into a new investment. Is that fair? Yeah, I think that's fair. There's probably not much more I can add to that yet. I mean, we plan it out. We have a rigorous allocation process, and we project the next year and beyond with the assumptions that with the exciting pipeline that we've got and ensuring that we have the appropriate capital to allocate. Thank you. Then the second question is on obe-cel. So the approval date is predicted to be November, I think, with the FDA. How are you feeling about the potential approval considering the FDA decision on black box warnings regarding CAR-T? John, do you want to take it now? Yeah, sure. I think that it's an opportunity, and we really like the approach and November timeframe. We're optimistic about the feedback and the interactions are going well. The black box warning for obe-cel and for CAR-Ts in general, you have to really look at the trade-offs in these patients. They really have no options. This is the last line of therapy for many of these patients. So the oncologists are very comfortable working with black boxes. And at the end of the day, when you don't have treatment options, the black box doesn't mean anything for patients. They want treatment. So we're not really concerned about the black box. I think it's something that allows patients to understand there are risks. If this were a chronic treatment of some kind, I think that would be concerning, but this is not concerning in this specific example in terms of the treatment. Thank you very much. That's Paul Cuddon from Deutsche Numis. Starting off on Spur Therapeutics, just wondering kind of to what extent the combination with SwanBio actually could dilute some of the upside with the Gaucher data due later, more Gaucher data due later, or have you kind of received feedback from kind of future potential syndication partners that a larger portfolio with more depth to the pipeline would be more attractive as a future investment opportunity alongside you? Yeah, so we were the same position in both cap tables. So in terms of Syncona's position, it's not diluted. And then I think we see a much strengthened business, as John outlined, because the Gaucher data is remarkable. And you hosted a call for us when the management team went through that. The really big swing in Freeline is Parkinson's. And John talked about the 1 in 100 patients that walk around with a mutation that predisposes you to Parkinson's disease. What Swan brings is know-how in central nervous system, AAV. So they have an asset that nicely bridges Freeline from Gaucher through to that big opportunity in Parkinson's. And then you get all the other benefits that John outlined around we put under the best management team, and you get the cost synergies, you get the manufacturing synergies as well. So I think it makes a really good, robust story. Yeah, fully agree. And if we look at it on the clinical side, as you think about companies, you want them to have a pipeline of opportunities in addition to the operational efficiencies. With Gaucher's disease, that program is often running and has really great results. But in addition to that, when you look at the GBA1 gene, there's a lot of potential in terms of Parkinson's. So if you leave it in just actually with one asset, you can actually look at also the CNS opportunities. And so when people talk to us about, well, is it just Gaucher's disease? What's Gaucher's disease and other mutations, which allows us to build a pipeline within CNS? So at that point, we leverage all the operational efficiencies while building a pipeline that allows people to say it is a robust AAV gene therapy company. Excellent. Thank you. Just on the newer companies in the portfolio, I kind of wonder how much of your kind of logic there is that Big Pharma is really struggling with kind of new drug targets. I think there's about 100 companies doing CD19, probably 1,000 doing GLP-1s now. So to what extent are Forcefield and Yellowstone kind of plays on the need for genuine new targets, and to what extent do you think they could be attractive at a slightly earlier stage to kind of future potential co-investors or buyers? Yeah, maybe if I give sort of Syncona perspective, and John, you obviously sat on the other side of the table buying things in your near past, so you can comment on that a bit. So look, this industry, when boiled down, is the discovery of new targets that impact horrible diseases. And we've just been through a decade of modality disruption. And so I think people have forgotten that. And I think on that aspect, normal service is resuming. It's a highly risky endeavor, as you know, Paul. And so what we look for is really elegant experiments that give us high conviction around those targets. If you take the Forcefield example, that wasn't the founder, Mauro Giacca, going, "I've got a great idea against this protein." This was him going, "I don't know which protein works. I'm going to try them all." And that experiment has much more predictive power because it has no a priori bias. So we love that company, and John's obviously running that one. Take the Yellowstone example. These have been validated in human. These are antigens that have been discovered because a patient survived. I mean, that's an amazing way to validate a target. And so we see that as a really elegant way to find a set of novel targets that don't have the concomitant risk that normally goes with them. So we're always on the lookout for those, but we put a very sharp lens across it that we're not falling down this biological narrative trap that I think leads to a lot of risk in this industry. And maybe John on the acquirer side. Yeah, thanks, Paul, for the question. I love the question, by the way. And at one point, when we were looking at cell therapies, there were 200 cell therapy companies, probably the majority of those were CD19 in the U.S., or I'm sorry, in the Western world, and 200 in China. There were 400 cell therapy companies. So you could see how many would be actually successful. There is a crowding approach, just like GLP-1s. You've seen how many people dive into GLP-1s. Same for immuno-oncology, because the hard work is identifying new science and new biology. But as Chris said, that's high risk, high reward. So when you do see differentiated science, people are going to want to dive in. But now, sitting on the other side, putting my pharma hat on, we want that to be de-risked to some point before crowding in, but also not to be behind someone else when you have that pharma approach. So when does it become de-risked, but not to lose to someone else? That's kind of the binary consideration when you look at different targets. I have a personal favorite, which is Forcefield, which I'm acting or am the CEO for the company. And the science is outstanding, but I think we need to move it just a little bit forward. But I will say the discussions with the various pharma companies is they speak to us with high intent and high interest, but they want us to take some of that risk off the table, which every day we're getting closer to clinic and trying to find out that opportunity. If we actually do demonstrate some of that data, look, there's 3 million patients every year with acute MI. 50% of these patients die within five years. You could just do the calculation in your head how many patients that is. So they do see that as a significant opportunity. So we're racing as fast as we can. I have no idea when they want to do something, but we would love to do a collaboration so that we can move it forward to the clinic, and we're pushing as hard as we can. Excellent. Thank you. Thank you, Jade from Redburn Atlantic. Just one question. You mentioned that you were looking outside the U.K. Are there any geographies in particular that you're hoping to go into in terms of new targets or what's going on? Ron, do you want to take that? Yeah, I mean, it's never going to be sort of geography-focused. The investment platform that we run means that we are generally the leading investor in our companies. We maintain significant ownership. We do that on the basis of having significant influence in our companies. We feel that we can contribute to our companies in that way. And that means that we want to be close to our companies. So the obvious geography for us also, because of the track records and the relationship that our firm has, is here in the U.K. We feel very confident making investments in continental Europe, where we can be close to institutions. If we have the right level of relationships, we can extend to the East Coast of the U.S. You can do that. But it's always going to be on the basis of, can we find a differential thesis on an investment? Do we have the ability to manage that investment effectively? And on that basis, we will make that investment. A second question. I noticed that you mentioned a lot about later stage assets that you're currently looking at. Would you say that's perhaps Syncona moving or doing what they think is best for the current market conditions? Would you be able to explain a little bit more about that? Let me do the headline and maybe Rowan can touch on the deal flow for it. So it is very aligned with our strategy. So I don't think it's a foray into this market-led strategy. I think it's going to be a sustainable part of the strategy going forward. Our whole strategy is built on the premise that high-quality companies with high-impact medicines that get to late stage are worth a lot of money. And so we do that by building companies around high science and really controlling that build to make sure that that company is built in a high-quality way. But occasionally in the market, you can find things where the company is halfway along that journey, and we can take a position in that portfolio that makes us the largest shareholder, and we can shape that journey to the finish line. It's the same journey just starting further down the pitch. Ron. Yeah, and I think in that part of the market, we provide, I guess, a differentiated shape in terms of our investment model. So the companies that we see in that part of the market often need to accelerate their growth. So we see a clinical signal that proves the technical scientific thesis that was behind the program or the platform that gives us the confidence to invest. But it also gives us the ability, given the check sizes that we can invest, it gives us the ability to help accelerate those companies. So if you think about iOnctura as an example here, it's a company that managed to get to early clinical validation with limited funding. To date, there's a good set of investors behind the company. But what Syncona can do now is to expand, with John's help and with the help of the team, is to expand that clinical program from a focus on Uveal Melanoma, where we believe that they can stand alone, get that program to registration, to expand that to other solid tumor indications in a broader set of clinical trials. And you can really build a standalone oncology company with that. It's something that we can provide. Not many other investors can do that in the market. It's not an entirely new part of the strategy. Blue Earth, which a lot of you will remember, was a clinical stage asset at the point that we invested. No online questions, apparently, despite the hordes of people. Very good. Well, thank you, everybody. Really appreciate you turning up to listen to our full year results. Thank you for your support at Syncona.