Morning, everyone. Thank you for joining us. I'm Dr. Francois Nader, and it's a pleasure to be with you in my capacity as of 7:00 A.M. this morning of Chair and Acting CEO of BenevolentAI. I'll introduce my team here in a minute, but for those of you who don't know me, I won't take it personal, but I've been in the industry for close to 30 years, the first 20 in big pharma, then a couple of years in venture capital, and then took over a company called NPS Pharmaceuticals, which was a turnaround in the rare disease business, and seven years later, we were acquired by Shire for $5.2 billion. Since then, I spent my time in governance as board chair and board member. Currently, I serve on the board of Moderna. You might have heard the name. I joined Benevolent 2.5 years ago, and there were a couple of reasons why I joined Benevolent. It might sound cheesy, but it is not, because that's the reality of things. When I looked at the company, I was very intrigued by what you see on the screen here. Okay? That's the tagline of the company, and it says, "Because it matters." And throughout my life, I had the pleasure and honor of being involved in about 22 drugs that have been-- that are marketed now. And throughout this tenure, frankly, my driver as a physician was doing what I do because it matters, and I could not think of a better intersection of technology and science as I've seen it with Benevolent. The second reason was... And it did not take a genius to predict that artificial intelligence, machine learning, not only has-- is here today, but will be with us for a long time. And when I did my diligence on Benevolent, it appears to me very clearly that the company was ahead of the pack for multiple different reasons, and it was quite exciting for me to join this journey as chairman. The third reason is our CEO, Joanna Shields. She is an N- of- one. Her curriculum, her tenure, everything she has done in her professional life is second to none. There are no precedents, and for now, there are no other examples, someone who went through this life journey. We had lunch in Miami, and the appetizers were not off the table when she already had convinced me to join the company. For those of you who know Joanna, you know that she can be very convincing. Since I joined, it has been a very good partnership. We work extremely well together, and it was a pleasure to help her drive the company over the last two and a half years. We accomplished a lot. We strengthened our board. We evolved our leadership team, but more importantly, and as I will describe it this morning, we have very tangible programs, outputs to show you. And Joanna made the decision to move on to other endeavors, and I wish her the best. I was still exchanging texts and emails with her this morning. Why now? Well, there is never a good time for a transition, but as she and I talked about multiple times in the last few weeks, month, she was ready to do something else. And the last few weeks have been absolutely amazing, frankly, as a company, as I will show you in a minute. We had our first in human for our lead product. We had the fortune of attracting two top-notch executives that I will introduce also in a minute. As you read it yesterday, we signed a deal with Merck. Very important for the company and very important for Because It Matters, especially with the therapeutic areas that we will be working with them on. We all wish Joanna a safe journey in her next endeavors. I'm sure she will emerge somewhere soon in yet a superb other position. Meanwhile, the train continues to roll, and we have to continue building value for our shareholders. More importantly, we have to continue building value for our patients. Today, with me here, I have a large group of colleagues that I will introduce, starting with Ivan Griffin, our Chief Operating Officer. Tom Holgate. I'm going around the room here. Tom Holgate, who is our Group Finance Director. We have Matt Fujisawa, the Head of Corporate Development and Strategy. We have, we call him Danny, and officially, his name is Dan Neal. Dan is our Chief Technology Officer. Anne Phelan is our CSO, Chief Scientific Officer. Last but not least, someone who joined us 11 days ago, and this is Catherine Istead. Catherine joined us as the Chief Financial Officer. Our Chief Revenue Officer, who joined us about 4 days ago, I think, could not be here today, and hopefully, we'll have other opportunities to introduce her to you. With that, I will kick off our presentation and go with the interim results. You know, the disclaimer and the forward-looking statement. I'll give you a nanosecond to read it because I'm sure you've read many, many of these. Let's dive in. So this is Benevolent on one slide, and basically, Benevolent, as you all know, is one of the pioneer and leader in AI-augmented drug discovery. We'll talk about the Benevolent platform quite a bit today, and I would encourage you to think about our platform as being the foundation of everything we do. Foundations are usually static. Our platform is anything but, because we're deploying under Danny's leadership quite a bit of resources to continue nurturing this foundation. But it is certainly based, on my diligence, based on what others say, one of the best in the industry. Now, we happen to be at the right place at the right time, and it was not by haphazard. I should give credit to the founders, frankly, of this company, who had the foresight of thinking of this intersection between AI-augmented drug discovery concept years back. And we happen to be today in at a time where even my 8-year-old grandson was asking me the other day about, "Hey, what is artificial intelligence?" "Okay, let me tell you about Benevolent." So, it's something now is mentioned and talked by everyone, which represents, as we all know, an opportunity and a challenge, right? The opportunity is we are where we should be. The challenge is, how can we differentiate ourself from others who are embarking on this journey and talk about it? What we did over the last two years, and we announced it in May, is frankly think about the business model of this company. We made the board and management decision to have a three-pronged approach to value creation. You will hear me repeating this over and over again, because that's kind of the foundation also of our business model. We talked about the foundation being our knowledge platform, but we have three different approaches to revenue generation. The first one is the end-to-end drug discovery offering, and this is something that is very important for us, but also very important to our partners. As you all know, we have a deal with AstraZeneca, and they renewed the deal, added a couple of assets, and we'll talk about it in a few minutes. But also, we're very pleased to have the agreement signed with Merck. And this is the heavy lifting. These are programs that are long in time, complex in execution, but yet create quite a bit of value. As you have read it, the deal with Merck could potentially be over $500 million in total value. Now, this is good, but these kind of offerings cannot be done every other day because they're so massive in terms of design and implementation. But also, as you know, in big pharma, with all due respect, things don't go very fast, okay? So we needed something that will enable us to own our own future. This is why, from the get-go, the company deployed the platform to generate products that we can—that are ours, that we can progress through the discovery, research, and development process. And the output is really a good news, bad news, right? I mean, the good news is the platform is so powerful that it can spit out a number of options. Many of them are either best- in- class or first in class. What makes Benevolent very unique also is the fact that not only we can manage these compounds, but because of our scientists and our wet lab capabilities, we can do a lot of the work. Case in point, we have products that have either crossed the IND line or about to cross the IND line. So that's the good news. The bad news is, if any, is we cannot, we don't have the resources, certainly, to develop all these compounds. There is a dual, dual route there. We will pick up what we believe are the best, and we will either, either pause or divest the rest. Okay, I'll talk about it as well. The third is something that has emerged recently, and the question we ask ourselves is a very simple one. It was, is there anything else that we can do with our platform that is not number one and number two? Is there anything else we can do? It turns out that, yes, we can, given how powerful our platform is, and we started talking back in May about our knowledge exploration tools. Okay? Now, how do you define these? Probably the best way to define them, and the two offerings that I'll talk about today, are customized SaaS products. I'll come back to this in a minute. So this is what Benevolent is all about, and to oversimplify who we are, we have a very strong engine, our knowledge platform, and we have three-pronged strategy. We have the end-to-end discovery, we have products that we are developing ourselves, and we have those knowledge exploration tools. So going into a little bit more detail on the slide. Leadership, I'm very proud that we have built a terrific leadership in this company, very strong leaders, and many of them, if not all of them, are SMEs in their own, in their own field. As I mentioned, I will be assuming, or I have assumed, as of this morning, the role of acting CEO. And just to be very clear, we are actively recruiting for my replacement, okay? Actually, I spent an hour and a half with the headhunters yesterday. And, it's interesting because this is a company that is very attractive, and I'm sure, well, that we'll find a leader soon. In the interim, I have the honor and pleasure to lead the company. I mentioned Catherine, I mentioned Christina Busmalis. I did not mention her name earlier, so her name is Christina Busmalis, and I look forward to the opportunity of introducing Christina to you. Christina comes from a technology background in the-- on the commercial side, but probably with the nuance that, all her career has been at the intersection of, technology and life science. So she has this dual background. Same with Catherine, actually, because a couple of companies that she worked with in the past, I mean, she was, she had a terrific professional curriculum, but two of the companies she worked with and for were platform companies, and we are a platform company, so she brings a very direct contribution to what we're doing. The Merck, we'll get into a little bit more detail, but, the announcement came yesterday morning, I believe. And, listen, for us, it is a huge validation. Merck is a terrific company, and the fact that they trusted us and trusted this other company as well. But listen, I mean, there is a lot of work for everyone. We're not competing with everyone because the space we're in is so gigantic that we need more than one to explore, especially in the areas that Merck asked us to work with them in. It's vast, and let's make sure that we come up with something that could either treat or cure some diseases. That would be terrific. Our pipeline asset, BEN-8744 in ulcerative colitis, is now in phase one, first in human. And we expect a readout coming up towards the end of the first quarter 2024. We have a very interesting compound. I'll talk a little bit more about it later on, 28010 in glioblastoma, which all know is still a huge unmet medical need. We found very interesting and complementary indications for this particular asset that have broadened its spectrum... and has or could potentially broaden its reach. 34712 is ALS. I really don't have to tell you about ALS. Frankly, even though there is a product and there could be products, very single, low single digit, approved in this indication, it's a huge unmet medical need. With our knowledge platform, we hope that our products will be differentiated in terms of mechanism of action and in terms of impact. I mentioned the new knowledge exploration tool. Where are we today? I will repeat this probably two or three times in the presentation, so bear with me. You know, when you are in the field of technology, someone, especially as bright as our scientists, they come up with a concept or the idea, right? This is what we did earlier in the year, come up with the what if, and we came up with a few ideas. The ideas have to be kind of converted into products, and it's a process. The process goes through a product development, if you will. Once the product development stage, you have to make sure that these work not only within the confines of our organization, but with potential customers. So you give them the product and say, "Check it out for me and give me your feedback." That's exactly where we are today, okay? We have two products that have been developed by Dan and Ann. But that's the beauty of Benevolent. These two teams work very, very closely together, and the products that we developed are really at the intersection of what I call tech and bio, okay? And now these products are in the hand of users, and they're checking them out for us, okay? The timing could not have been better to have recruited Christina, because Christina's experience, expertise in-- is in the go-to-market strategy, and this is exactly where we are. Once these products have been tested by our clients, customers, and once these products have been improved internally, and it's an iterative process, then it will be in the hands of Christina and her team to make sure that they reach the customers that we need. All this being said, cash is king, and cash is really the fuel, the gas in any tank for any company. We went through a challenging process. We announced back in May that we are right-sizing the organization, and that's exactly what we did, okay? The consultation process, as many of you know, is challenging. It takes time, it's iterative, but it's conceptually a very interesting process because, for a couple of reasons. One is management can design the big picture, but we have to go down and talk to our employees. What do you guys think? Are we missing something? Did we overshoot here or undershoot there, you know? This has been a very valuable process that has been now completed, and the outcome of the process is we have a much smaller footprint, both physical and in terms of FTEs, but also we have extended our runway to mid-2025. This is something, given the current business and capital markets environment, that was very prudent and sensible to do. Catherine and Christina, I introduced them. You see, you see their background, very, very well-known companies, excellent, excellent names. This is our Benevolent Platform, so don't attempt to read. That's not the intent. Don't, don't read the fine print. I cannot read it either. But conceptually, in a graphic representation, you see at the bottom, the Benevolent engine as common denominator or foundation of everything we do. And our platform has really two or three, actually three applications. The first one is the end-to-end discovery, and the end-to-end discovery has two clients, internal, you know, these products that we develop and we keep, and partnerships, develops the products that we develop with Merck and AstraZeneca and hopefully, additional partners in the future. But it has also the third pillar, which are, we call the knowledge exploration, with two products that I will talk a little bit more about. The BenAI-Q, I find it difficult to pronounce, but it is what it is, and then the BenAI Research Assistant, and we'll talk about these. It's very important to remember that in our capital allocation, and you'll see it towards the end of my presentation, we're still investing in our platform because frankly, this is the real asset of the company. The other real asset is certainly our people, at all different levels. The Benevolent Platform drives our three revenue stream. Probably the operative word here, and Danny reminds us always about the fact that we have a versatile, scalable platform. What makes one of the many uniqueness of this platform is the fact that it's multimodal in its design. It's multimodal data, data foundation, which means that it gives us the flexibility, frankly, to deploy the platform in different ways in terms of application, but also it enable us to answer the needs of different personas, different types of customers. This is something that is extremely important. End-to-end discovery, we talked about it. So, listen, I mean, we've done two partnerships, and we're very pleased with the AstraZeneca. We made an announcement, or they made an announcement on, on one of the products, recently. It has been now validated. We'd like to do more, but given how massive these collaborations are, we cannot do too many, okay? So we have to pace ourselves and do it, and do it right. But as you know, it has a high value input, or collaborations have an output. They have very high input into our coffers, because of the upfront payment, but also the fact that there is significant upside, as the partnership goes. The preclinical and clinical development pipeline, these are ours, and we're developing them. We have five high potential assets. So during the last few months, actually, we internally with Anne and her team and others within the organization, went through a very exquisite assessment of the products we have in our pipeline and made the choice to select five of them to move forward. There are many others that we paused for now at least, and either we retain them if our capital allows, or we'll license them out. But the engine will not stop, okay? So we'll continue to spit out, that's not a technical term, new compounds. And the reason we need to continue doing that, frankly, is science is moving very quickly, and we need to continue to be at the forefront. We're reserving the right to change our mind, and if something comes in that is better than what we have, we'll switch horses, okay? We're here for the long run, and frankly, we have to bet on the best product for our patients, again, because it matters. The value generation is mid to long-term value creation, and some of the products, we'll see how far we can take them, given our resources. We're very mindful that in the business of drug development and corollary valuations, there are key inflection points where the value picks up. We will be very mindful of taking these products to the next inflection point, and if we feel that we can keep them a little bit longer, we will, to the next inflection point. Here again, it's a very iterative process because at the end of the day, we have two objectives here. The first one is to create value for this company and maximize it. Second, also, if we keep the patients in mind, at a point, it might be better for the patients and for the product and for the company to out-license it to someone who can do it quicker or better than we can. That's the mindset we have. Third, our knowledge exploration tool, and we call it customizable SaaS product. We have two products, and we'll have the opportunity to talk more about them as we go. The two products actually are, as I said, the BenAI-Q and BenAI Research. Fundamentally, what these products will do, okay? Both will help scientists make better decisions. And that's key. And one of the products will make it easier to physically look and assess huge amount of data in something that they can manage real quickly. And the second one is truly a decision-making tool. So with that in mind, I'd like to go back to these partnerships, which is our first pillar. You've seen the press release of Merck. It is, again, an application of our end-to-end drug discovery capabilities. We're leveraging our scientists and our wet lab facility in Cambridge. We're focusing with this collaboration on small molecules, and we are targeting three therapeutic areas: oncology, neurology, immunology. As I said, these, these three areas are, are, are huge, and we have, we have the, the partnership, if you will, will be delivering, three novel, small molecule drug candidates. As I said, the total, potential, value of this deal is $594 million, and it will go over time. Obviously, there is a bit, of upfront. We'll get a little bit more, and then there is an inflection point where, we will get more of these $594 million when we reach certain milestones. Hopefully, these, these products will reach the market one day, and, when they do, we will have, we'll have a tiered, royalty on net sales. This is the Merck. I'd like to take just a minute to remind you about the AstraZeneca deal, which has been going on for a while now. Our collaboration with AstraZeneca started in 2019. Now we are in year 4, and it started with two specific indications or diseases, rather, CKD and IPF, two huge unmet medical needs. Currently, there is very little, frankly, on CKD and IPF, and fibrosis in general is still extremely untapped, and there are many products that did not make it. Then, in 2022, AstraZeneca came back to us and said, "Can we add two indications?" which we certainly said yes to. One is heart failure, huge, huge indication, and the second one is lupus, again, an unmet medical need. As I mentioned, in May, a few months back, AstraZeneca presented the preclinical data on the first compound of this partnership, and it was for IPF. We're very pleased with this partnership. Our teams work very, very closely together. I mean, if we can come up with products for any of these indications, that will be a major breakthrough. I hope we'll come up with four products for four indications, but given the size and the unmet medical need of any of these indications, I think it will be a breakthrough in itself. Now, this is our own pipeline. As I said, we did our internal assessment and retained those five products. The first one, 8,744, is being developed for ulcerative colitis. It's an unmet medical need. It is. I cannot say crowded, but there are a number of products that are either approved or to be approved in this indication. But, we believe that the PDE10 inhibitor, which is our product, will be differentiated. It will be the first-in-class peripherally restricted small molecule for this treatment, and it will be, and we hope, cross our fingers, that it will be differentiated from the current treatment. One of the reasons being that it has the potential of being a disease-modifying product in terms of efficacy. Our second product is GBM CHK1 inhibitor 28010. Now, here is the news here. This is a product, a CHK1 inhibitor, the only one, to the best of our knowledge, that is CNS penetrant, and we know how important, the, crossing, the, blood-brain barrier is critical. And this is a, a first-in-class, CNS. Based on, preclinical data, we believe that, it could work in patients that are, resistant to the current treatment standard of care. And interestingly enough, and that's something that we're really excited about, it has the potential of, being used in combination, in non-CNS cancers that could have a, brain metastasis. So if you think about it for a minute, I, I'm particularly excited about this product because GBM in itself is a, is a, is a very important indication. If we can expand this indication to other tumors that could have a brain metastasis, this widens the market quite a bit. We are now on the verge of the IND. I'll talk about it. We're there. The third one is, as I mentioned, ALS, 34712, and, again, the differentiation here, and that's why we call it potentially best-in-class, is, again, it's CNS penetrant, and it's subtype selective, and we'll-- is happy to give you more details. But also, and that's the other thing, it could potentially have neuroprotective capabilities. We're working on two other products, one for Parkinson's and one for fibrosis. For the Parkinson, again, it will be a CNS penetrant drug. For fibrosis, it could be a. We call it a broad spectrum. Usually, we use broad spectrum for antibiotics, but here we're using it on purpose. It could be broad-spectrum fibrosis, which will be really cool if we can get there. Our first product, BEN, as I said, we are in first-in-human already. We announced it sometime a few weeks back, frankly. We project to read the top-line data towards the end of Q1 2024. Our BEN-28010 GBM will be ready for IND at the end of this year, and BEN-34712 for ALS will be IND ready at the end of the second quarter next year. Last pillar, third pillar, this is our what we call our knowledge exploration tools. Let's start with the first one. As I said, I mean, the beauty of this tool is the fact that it helps making good decisions, okay? So three characteristics of this product: it investigate, visualize, analyze. Again, the operative word here is multimodal data in real time, and the multimodal is referred to customizable for customer, you know? So that's the nice thing that we can do, so it's not off the shelf, and we will work with our customers to literally customize it to their own needs. Yet we standardize the workflow, and it automates daily research tasks. Another operative word, what differentiate us from most everyone else, frankly, is the platform. Our platform is a curated platform. What we mean by curated platform is the fact that we spend quite a bit of resources making sure that the data in our platform is good data. We spend quite a bit of time, make sure that anything that comes out of this platform is something that makes sense. I'm using common words, but, the other common words that I can use is many of these systems out there, it's garbage in, garbage out. Here we're talking about human beings, and we're talking about compounds, and we're talking about patients, and we're talking about diseases. Cannot afford to do that, right? We spend enormous time in working on our, platform to make sure that it is, curated, and the data that comes in and gets out is something that we can stand behind as scientists. A research assistant is, is, is pretty cool as a tool. Danny demonstrated it to the board a couple of days ago, and it's amazing because a scientist has, in front of their screen, not only access to data, but the data is organized in a way that they can actually use it in a nanosecond. It's, it's a question and answer. You ask, the answer comes back, not only in terms of writing, if you will, but it's stratified and organized in, in a, in a way that, frankly, is super exciting. I've seen it done the traditional way in some of my companies, where, you know, the team spends days, weeks pulling these data together and putting and doing nice charts and nice, you know, templates, and, and this today, with a tool like this, can be done in literally no time. It's pretty, I mean... So I'm really excited about the two products. But at the same time, one will be customizable to the customer, and the other one would be for broader use. And frankly, it doesn't take practically any training to use the research assistant. All you have to do is ask questions, and the challenge, I guess, Danny, correct me if I'm wrong, is the better questions you ask, the better the answer will be. So one of these. Go-to-market plan, as I said, we are in the process now. We have put these products in the hands of customers, and then check them out for us. Once this iterative process is completed and in parallel, frankly, we're working very hard on a go-to-market plan, and we will tell you more about it in the next month. Going back now to the fundamentals of our business, I'm pleased to report that the business today is right-sized and is focused on value creation. So we have about GBP 84 million, or we had at the end of June, GBP 84.3 million. The H1 2023 cash burn was around GBP 38 million. We reduced our cash burn by 40%, 40, and this is not insignificant, to say the least. As I said, our guidance is our cash runway will take us until mid-2025. Caveat, it includes Merck. It excludes any revenues that will be generated between now and then. Frankly, we're not sitting idle, so we will generate additional revenues between now and then. We reduced our headcount by 30%, so we have about 260 employees. Just to put you in our shoes for a nanosecond, during this period, we were doing two schizophrenic things. One, left hand, we were downsizing the organization. Right hand, Ivan was negotiating with Merck on a deal. Guess what? The deal needs people. It was one of those, do we let them go or do we retain them? We made, frankly, the bet at the board level and management to retain these individual, and it was a smart bet, because once we signed with Merck, we have the team that can get and be operational tomorrow morning. They're literally there. So it was a smart move, and a, I would say, a smart risk-taking, that, that worked for us. In terms of capital allocation, this is what investors ask us probably three times a day, is, "What are you doing with my money?" Well, we're investing it in, what we believe are a value creation for them and for the patients, and frankly, for the employees as well. We're, we're funding, three programs. One, in terms of Phase 1, the second one, IND, and the third one, IND. We continue, and we will continue, to enhance our platform. I explained why, and we are now investing in, designing, developing market research, and go-to-market for our products. Now, for go-to-market, we do not have the ambition, so I'm very clear, to build a commercial sales force. That's not our line of business, but we will certainly find good partners that could help us go to market because they know we don't. But we'll certainly have in-house the necessary core competencies to design and manage the process. That's my story. That's our story, and that's who Benevolent is today, okay? And I'm very ambitious about the future of the company. I'm very bullish about what we can do. I'm very driven by the output, and at the end of the day, if all our products will make it, either in our hands or in the hands of our partners, or in the hands of the scientists that we're helping finding these products, that, that will be a major breakthrough for all of us. You and I know, for those of you who know our business, and all of you know our business, there is nothing called 100% probability in our business. Some will make it, others will not. That's the science. But the beauty of the space BenevolentAI is in is we're significantly improving the probability of success, and by doing that, we're also in parallel significantly reducing the time to get there. And that's something that is really exciting. Thank you very much for your attention. And now I'm happy to take few questions. Hi, Andy Smith from Equity Development. On the eight seven four four Phase 1 study, is it being conducted in healthy volunteers or ulcerative colitis, UC patients? Yeah. Apart from safety, will there be a biomarker or clinical endpoint measured? You were not at our board meeting the other day, were you? Okay. Fraid not. Interesting question, actually, very pertinent. Anne, would you like to take the question? Yeah, I'm happy to do that. So this is a healthy volunteer single and multiple ascending dose study with a food effect cohort incorporated into that Phase 1a. We are looking at assessing biomarkers in terms of their kind of measurability, but because this is not in patients, this is more of a technical task for us. So there are no efficacy endpoints because these are not patients, they're healthy volunteers. Yeah, it's a sub-IND 3-5 PK safety tolerability study, yeah. But we had a lengthy discussion led by Anne on biomarkers and interest in interesting space, to say the least. Need some credible one and reliable ones. Good question. You had a question? Hi. Sorry. John Preece from J.P. Morgan. First of all, I guess congratulations on the Merck deal. Maybe just a couple of questions around that to start with. So should we really think of this as a kind of single asset per disease area, or as with the AstraZeneca deal, could you kind of develop multiple assets per disease area? Maybe also kind of a couple of questions in terms of the duration of the deal. I think the AstraZeneca one was three years. And I also think you noted in the original listing prospectus, kind of ongoing discussions with a large cap pharmaceutical company, was this Merck? And kind of ultimately, what's the kind of capacity for future deals in the next, say, 12-18 months? Yeah, I'll ask Ivan to answer your first questions. I will take the last one. I mean, these are heavy lifting for the partner and for us. Hopefully, we can add more deals, as I said, it will be low single digit, for sure, just because of capacity and bandwidth. We're certainly looking forward to adding more deals. Ivan, would you like to take the first question? Hey, hey, John. So it's 3-- it'll be 3 targets, so it would be specific programs against those targets. Obviously, later on down the line, they may morph into different assets. And then it's different to the AZ deal in that way. That's how we start with 3. We could expand if both parties wish. Duration of the deal, it's not got sort of have the same sort of fixed timeline as in the AZ, but, you know, the timeline, typical chemistry timelines we've been tracking to in that timeframe for development to come. Thank you. Question here? Hi, yeah, just to follow up actually on 8744. So is there anything in that early Phase 1 data that will give you confidence that this is a potentially disease-modifying therapy? And then I think just on that also in the past, you'd talked about potentially in Crohn's disease, is that still something that you're exploring? And I guess, is it dependent on the data? And I just had a follow-up as well. So this is a healthy volunteer study, so we won't be able to look at any disease-modifying endpoints in this program. We have built up a very nice data package, actually, both in terms of data generated from patient biopsies, but also a lot of omics data analysis to give us confidence of this mechanistically, because it's a cyclic G, cyclic GMP modulating PDE. We have good reason to believe that this will have both an anti-inflammatory and a disease-modifying effect, by virtue of modulation of the barrier integrity within the colon, but also the immuno anti-inflammatory component of the drug itself. So we do believe it will be disease-modifying, but because this is a healthy volunteer study, that's not something we can assess at this time. Our confidence in Crohn's remains. In the same kind of series of experiments where we got access to UC patient biopsies, we also got Crohn's patients biopsies. We had a similar level of efficacy using BEN-8744 in both Crohn's and UC samples preclinically. So this is a Phased approach. It is a safety and tolerability study to understand the human PK, understand our efficacious dose predictions going through into future clinical development. But this asset has absolute capacity to go through UC and Crohn's, we believe. And then, thank you. And, and then just to follow up, on the CEO front, what's kind of the ideal candidate here? Are you looking for someone with biopharma experience, or would it be someone from kind of a tech background? Yeah, stay tuned. Ideally, it will be someone with both. As you know, I mean, we have a dual business here, and this is something that we're giving quite a bit of thought to. Did not make a final decision. You're asking exactly the same question as the search firm asked us, and we are in discussion with them. I mean, ideally, I'd like to have someone who has both, but time will say. Yeah, Karl Keegan of Singer Capital Markets. So more of a blue-sky question. The Merck partnered with another company as well. And you see this as the way forward that, you know, large pharma companies are not likely just to do one sort of pharma tech deal, but this actually puts you in a great position because you begin to do more smaller, perhaps more focused collaborative deals, and this is the way the industry is going. And then as a follow-up from that, on the knowledge exploration tools, do you see this, A, as... And you mentioned SaaS, do you see this as a way of driving a nearer, smaller, more visible, sustainable revenue stream of pretty much valuation heading towards an A or O model, and also as a flywheel to stimulate more business development, which could lead into more end-to-end type deals, such as the Merck? ... Yeah, good questions. The first blue sky difficult to say, but not surprising, frankly. As I said, I mean, these therapeutic areas are vast, are huge, and I don't see any reason why there could not be more than one player. I think Merck made the right decision. Now, the other companies might decide to do something else. With AZ, we are in indications. So an indication is a little bit more complex to have more than one, but when you're looking at immunology, I mean, it's huge, or oncology or neurology. I mean, these are huge. So it's a good model. The second question is an interesting one also because so yes, in many ways. As a company, we're trying to diversify the risk and diversify the sources of revenue in terms of size, but in terms of volume as well, you know? As I said, I mean, when we do a big deal, we can do one or two a year. We cannot do ten, you know? Yet, with some of... I mean, with one of our products, you can think of quite a number of users because it doesn't require handholding. The other one will require a little bit of customization. We're trying to diversify our risk, diversify our sources of revenue, you know? In a way, it's a little bit of a cocktail. You know, you try to a little bit of everything, but all of them, again, have exactly the same foundation, you know, and that's our platform. The applications really vary, but the foundational science and technology and asset that we have remains the same. So it is applying our platform in multiple different ways. And thanks very much. And then finally, just on the, again, this, the, what's it, BenAI research. When they're placed in with a collaborator, is there any sort of circle of learning that comes back to BenevolentAI? Or is it strictly once you place the toolkit, it's up to the partner to play, or do you sort of begin as, again, another flywheel of increasing your own knowledge to make your internal power and understanding- Yeah. much more enhanced? Yeah. Thank you for it. Dan, thanks to you for this question- Oh, I got the $10. because this is something that is very key. All right, Danny, go for it. Sure. Yeah, great question. Yeah, tech products benefit from usage, but we have to be very clear here. One of the most important ways to succeed in the pharma industry is by having trust with your users. We know that from building our own internal products, you cannot surface bad data, you can't, you know, treat the data poorly. You have to really protect it. So, we believe that, you know, a key differentiator here is the fact that we keep that data private. We're not gonna learn from it. We don't train our AI on it. We keep that customer data confidential. Hi, Cameron Gavin from Davy. Catherine, congratulations on the new role. It'd be great to get your viewpoint on the financial health of the company and fundraising requirements going forward. Go ahead, Catherine. You've been here 11 days. You have all the answers. Yeah, obviously, all the answers, so heavily caveated. Obviously, it's great that we've got the cash runway to the middle of 2025. I think what Francois said earlier about the fact that, you know, we have all these various opportunities to add revenue to extend that significantly. You also have to think about the timing, certainly of some of our milestones coming in. Some of these programs have only just started. You move forward, and you start to get some more sizable, lumpy milestones coming through as well. It's certainly something we are going through, the budgeting process, just about to start that after we've gone through the interim results. We will be looking, obviously, sort of the various areas again, in terms of that capital allocation point that we brought up, really to make sure that, you know, that if I have GBP 100 to put into one of those three pillars, that that's the one that is actually gonna drive the most value for the company. So that's something that's going through. So, in terms of fundraising, and you ask about that, I think it's more a case of let's wait and see at the moment. There's certainly no immediate need to do anything, and we have many shots on goals, in terms of increasing that revenue stream to extend that runway. Excellent. Well, listen, folks, we're getting, we exceeded our time. I'd like to thank you for being here. Thank you for your interest in Benevolent. We are on a journey of science. We are on a journey of innovation. We are on a journey of technology. But at the end of the day, my driver, the driver of the company, is what you read on the screen here. What we do matters, and, as we say, patients are waiting, and we'll, we'll continue to work very, very hard to serve them. Thank you very much.