Good morning, everyone, and welcome to our first half year results presentation of BenevolentAI. I am Joerg Moeller, CEO of the company, and I'm joined here at the podium by Tom Holgate, our group finance director. With me in the room are members of the leadership team, our Co-Founder and Chief Business Officer, Ivan Griffin; our Chief Scientific Officer, Anne Phelan; our Chief Technology Officer, James Malone; and our Deputy Chair and Co-Founder, Kenneth Mulvany, as well as Mike Brennan, Consultant to our Board of Management. Again, warm welcome to everyone, and thanks for joining. Before I start with the presentation, I wanna focus your attention on our safe harbor statement. Benevolent is a pioneer and leader in AI-augmented drug discovery, and over the course of our ten-plus years of existence, the company has had and enjoyed quite a number of industry firsts, creating the future of AI in drug discovery and development. Starting from the first pharma strategic investment to develop AI drug development capabilities. At the time, that was Lundbeck, investing into the company, and went on to do the first AI-designed targeted out-licensing deal, to a pharma partner, at the time, that was AstraZeneca. But also interestingly, when NVIDIA rolled out, in a soft launch, its first supercomputer, there were four of those that got distributed, and two of them went to Google, one of them went to CERN, and one of them actually went to Benevolent, at the time, allowing us to become much more efficient and faster in computing the world's biology knowledge. Benevolent also was the first company, AI company, to acquire wet lab capabilities in a deal that the company did in 2018. And it went on to be critical and crucially involved in the first clinical trials that allowed a drug to be repurposed, that was discovered using our technology platform, empowered by AI, that allowed Lilly to have a drug that they owned in their portfolio to become the first FDA-approved drug that was repurposed and was super effective in its fight against COVID, leading to a staggering 38% reduction in mortality on the basis of the phase III data, and that led to a full FDA approval in the year 2022. As you can see, over the course of its existence, Benevolent always has been a pioneer and a leader in the field, with quite a number of proof points and validation points over the years of its existence, and of course, that story continues. During the period, we have strengthened our leadership with a clear focus on innovation and growth, but we also have revitalized our board by bringing in experienced entrepreneurs that are at the forefront of their field, with Peter Allen being the new Chairman, Ken coming back as Deputy Chairman as a Co-Founder of the company, but also Ian Nicholson, who clearly is quite a leader when it comes to experience in new business development and deal making in the industry, as well as Jeremy Sohn, another new Executive Director and an entrepreneur in his own right. So we have enjoyed quite a busy first half of the year, but we also have achieved a lot. When you start with what I refer to updates on the leadership, we also had in June, during the period, Michael Brennan, another Co-Founder of the company, returning and supporting our Board of Directors as a consultant. Ivan Griffin returned. He was always there, but he took over the role as Chief Business Officer, bringing in his experience and expertise and broad network in the industry. One of the key focus areas for us in the first six months was a laser-sharp focus on business development. We have revitalized our approach. We have strengthened our business development team with a clear and enhanced focus of execution, on execution. When I came to Benevolent, of course, I also brought with me my network into the R&D community in our industry, and so did our new incoming board members. We have changed our approach somewhat, making sure we have scientists reaching out to scientists. I'm very happy to share that the initial indicators of that revitalized and changed approach are actually quite positive. positive. We have been able to significantly increase our pipeline of discussions with respect towards new collaborations, but also licensing deals for our proprietary pipeline assets. Those discussions have not only increased in number, but also in quality. We have quite a number of discussions at an advanced stage under confidentiality agreement. In July this year, we have appointed Deutsche Numis as our U.K. and Pan-European capital markets advisor. Another first for the company. Company never had a corporate broker, and for us, this is a very significant step in initiating a more effective market engagement. I'm particularly proud also about our advancements in our proprietary pipeline, where we reported during the period positive top line phase I data in our study involving close to 60 healthy volunteers with our lead asset, our PDE10 inhibitor, BEN-8744. We also progressed our retinoid agonist that we are bringing forward in ALS, where we are basically getting ready for IND submission and have made progress in those IND-enabling activities. Our CHK1 inhibitor that we are developing in glioblastoma has completed regulatory toxicology studies and is now ready for out-licensing and partnering. Beyond that, in our earlier pipeline, ten additional programs we are regularly evaluating and, looking at them as potentials to replenish our pipeline, in, making sure we have a constant inflow of new and innovative innovations, always with a focus on first-in-class and best-in-class approaches in very high medical need indications. So really good progress, in our entire proprietary pipeline assets. On the collaboration side, you probably have seen that our collaboration with AstraZeneca, continues to be very productive, with announcements in May this year, where AstraZeneca, took a target in heart failure and moved it into their drug discovery portfolio, followed by an announcement a month later in June this year, where AstraZeneca took a target in systemic lupus into their drug discovery portfolio. Our newer collaboration with Merck KGaA, which uses our chemistry capability, unlike AstraZeneca, where our target ID capabilities come into play, with Merck, a deal that we signed less than a year ago, we are also making very good progress and are fully on track, regarding the plan we have for that collaboration. So, overall, I think a busy but also quite successful, half year for the company. When I joined this industry more than three decades ago, we were faced with a situation that a new molecule entering the clinic had about a 5% chance to make it all the way and reach the patient, and unfortunately, we haven't been able to move that needle much. And interestingly, we still suffer from the same problems. Primary reasons for failure are our poor understanding of disease biology. We still come across, as an industry, of unexpected toxicity findings, and we are not very good in identifying what is the right drug for the right patient, at the right dose, at the right time. BenevolentAI, as a pioneer and leader in the field of AI-augmented drug discovery, is uniquely positioned to address this problem. And we have a track record and validation that, in our view, is second to none in our industry, and we are determined and driven by changing that problem, this eternal problem in our industry. Our business model offers multiple routes to value creation. We have, on the one hand side, our collaborations, where we use our disease and therapeutic area-agnostic technology platform across the entire spectrum of drug discovery capabilities, ranging from target identification validation, as exemplified in our ongoing collaboration with AstraZeneca, over molecular design and chemistry capabilities that we are bringing to bear in our collaboration with Merck KGaA. But also, a very fascinating proof point, of the technology capabilities of our platform, as evidenced by the successful repurposing of baricitinib against COVID-19 at the beginning of the pandemic. Our collaborations offer a near to mid-term revenue opportunity, and that is where we share risks with our partners. On the other side, we have our proprietary pipeline, where we focus on first-in-class and best-in-class molecules, always in very high medical need indications.... We want to make a difference in the lives of patients affected by serious medical conditions. In our pipeline, of course, we are taking the risk, but of course, the pipeline also has a higher value inflection capability and these two avenues to revenue generation nicely augment each other, both from a risk and time horizon perspective so we are quite comfortable with the business model and our multiple routes to value creation for the company. One thing that makes Benevolent stand out, as evidenced by the early decision to also acquire wet lab capabilities, is the realization that we need to empower scientists with industry-leading drug discovery AI capabilities. Our proprietary AI models, we use to reason across multimodal targets in a therapeutic area, agnostic way, in order to discover novel targets. We then enable scientists to assess and select only the most promising targets to take into our wet lab experiments, where we validate the predictions coming from our technology platform. This very close feedback loop is very crucial to the way we work. It's no secret that, and no coincidence, that our Chief Technology Officer and our Chief Scientific Officer not only sit next to each other, they also work alongside each other in our Cambridge facilities. We cross-fertilize the knowledge between our technology expertise and our wet lab capabilities. We also ensure that our teams are cross-populated and ensure a constant flow of information in both directions, thereby having data generated in our wet lab flow, flowing back to improve our knowledge graphs. That closed feedback loop is crucial to the success we have been able to enjoy based on years of building our platform and investing into our platform. One clear example of the capabilities of our platform is our collaboration with AstraZeneca that we started in 2019, initially focused on two therapeutic areas: chronic kidney disease and idiopathic pulmonary fibrosis. It became immediately productive, with first milestones being hit and targets being delivered into the AstraZeneca drug discovery pipeline, initially in chronic kidney disease in 2020, and then a year later, in idiopathic pulmonary fibrosis. This collaboration, as you are well aware, got expanded to include additional therapeutic areas. Heart failure and systemic lupus got added into it in the year 2022, and just very recently, this year, in May and in June, additional targets, one in heart failure in May and one in systemic lupus in June, got added into the AstraZeneca drug discovery portfolio. Meanwhile, seven novel targets over the course of the collaboration have been accepted to be added into the AstraZeneca drug discovery portfolio. Over the years 2019 and including 2023, this collaboration has generated revenue of about $40 million, and we are set to expect further milestone payments, but also future tiered royalties on future net sales of assets derived out of these targets. A newer collaboration that we ended less than a year ago is the one with Merck KGaA, that allowed us to open up a completely new offering. In this case, we are basically involving our chemistry capabilities. This is a multi-year collaboration that was announced in late September last year, focusing on the delivery of validated clinical development candidates in the fields of oncology, neurology, and immunology into the Merck KGaA pipeline. A deal with a substantial financial upside of up to $594 million of total value, including upfront payments, discovery, development, and commercial milestones, as well as the customary tiered royalties on net sales. Switching to the pipeline, I mentioned the very good progress we made in the first half of the year, certainly culminating in the successful phase I completion of our lead asset in ulcerative colitis, inflammatory bowel disease, our PDE10 inhibitor. But also with our two other more advanced assets, our CHK1 inhibitor, we have completed regulatory tox studies, and we are literally about to complete all the IND readiness work for our retinoid agonist. Beyond that, we have, as mentioned, more than ten programs and potential new entries into our pipeline, ensuring we have a constant replenishment with, again, a very laser-sharp focus on innovation, making sure we have assets that we want to bring forward that make a difference compared to the existing but also putative standard of care. Our lead asset offers a significant opportunity in inflammatory bowel disease. Both ulcerative colitis as well as Crohn's disease are high medical need indications. They are offering a growing opportunity if you look at market dynamics in both indications. To date, 20%-40% of patients diagnosed with ulcerative colitis actually do not respond to the existing treatment armamentarium, consisting of steroids, TNF-alpha antibodies, or JAK inhibitors. Existing treatments also have serious side effects, evidenced also by black box warnings for anti-TNF and JAK inhibitors. Our goal is to provide an efficacious and disease-modifying oral treatment for ulcerative colitis based on dual effects, both on barrier as well as effects on the ongoing inflammation leading to inflammatory bowel disease. Our goal is to target moderate and severe ulcerative colitis and Crohn's patients, addressing the still significant unmet medical need in patients that are either not treated adequately with existing current standard of care or cannot tolerate those drugs. Encouragingly, you probably all have seen the significant deal activity in IBD over the last twelve months, clearly also underlying the need for better, more effective, and safer treatments with additional and different treatment modalities. Just weeks ago, Lilly acquired Morphic on the basis of phase II-A data of their integrin inhibitor, another small molecule and orally available treatment modality. Different mechanism, but the same modality as an oral treatment like our PDE10 inhibitor. Clearly, we are not the only ones seeing an opportunity, but there's of course also not only competition, but also a situation where we are having a growing market and where we have an existing standard of care that leaves much to desire in terms of standard of care efficacy, but also room for improvement on the tolerability and safety side. Encouragingly, we're not only having seen very good safety data, we are expecting to present our data at an upcoming leading scientific conference. But we also have seen that we in the study had very good tolerability and we seem to be on the right track in having a peripherally restricted PDE10 inhibitor that avoids the side effects that have been reported with other and previous members of the class that had been developed for CNS indications. So really encouraging progress in a very attractive market segment. And I want to point your attention to the very recent deals always including early-stage assets. And you can see also that a very high value has been attached to these deals. You see a mixture of small molecule deals as well as antibody deals, clearly indicating the opportunity that is there in the space, but also the still very high medical need in this indication. We also have, in addition to our lead indication of ulcerative colitis, encouraging ex vivo data when you look at our ability to influence inflammation markers in fresh gut tissue obtained from Crohn's disease patients. So there's clear potential in our view for the drug to go beyond ulcerative colitis. I mentioned that we have revitalized and changed our approach in business development, and I'm quite happy to say that since I joined and since we revitalized our board of directors, we have been able to roundabout treble the number of active collaborations discussions since the end of 2023, including active discussions with big pharma players as well as mid-tier and biotech companies. Similarly, when it comes to our pipeline of active out-licensing discussions, we have more than doubled those since the start of the year, including discussions at an advanced stage that we have under NDA. And I pointed out the recent deal flow in the space of inflammatory bowel disease, where we have our lead asset, BEN-8744. So really encouraging momentum and dynamic also when it comes to our ongoing discussions with respect to collaborations as well as licensing of our assets. I would now like to hand over to Tom to summarize our financial highlights for the first half of the year. Over to you, Tom. Thanks, Joerg. Good morning, everyone. We thought it would be useful to touch on a few of the financial headlines as at the thirtieth of June 2024. Our reported operating loss has seen a reduction of around about 30% to GBP 32.3 million. This is a reflection of the impact of our prior restructurings, reducing our rate of spend and modest restructuring costs reflected in this particular half year, and also around the prioritization of our research and development activities. Revenues decreased by 46%, down to GBP 2.8 million, primarily due to the anticipated scaling down of our target identification efforts within AstraZeneca. It's important to note that this is also against the backdrop of the newer Merck collaboration, now generating revenue to replace it. Additional revenue is expected from the Merck collaboration in the second half of 2024 through into 2026, once development milestones are received, and that relates to new and also to work that were already completed at the half year. We see reported research and development spend reducing to about 45%, down to GBP 19.9 million, reflecting continued and focused investment in our proprietary pipeline and innovation in our Benevolent Platform. We have excluded directly attributable cost of sales, which we split out for the first time in this reporting cycle. Our costs of sales consists of research and development expenditure that directly relates to work carried out on our revenue-generating collaboration agreements, including notably, Merck. The 364% increase reflects the costs of the, the chemistry collaboration, which incurs costs at a similar rate to that incurred by, consistent with our own proprietary pipeline. Operating cash flow before changes in working capital reduced by 23% to GBP 29.3 million, and that's consistent with our reduction in operating loss that I described earlier. Cash and cash equivalents and short-term deposits have reduced to GBP 38.1 million, with our cash runway extended to late Q3, 2025. Notably, post the period end, we've received, built into that runway, our R&D tax credits of GBP 12.1 million, which is an important cash inflow for the business. I'll hand back to Joerg for the closing statement. Thanks very much, Tom. So in summary, for the first half of 2024, Benevolent, as a pioneer and leader in the field of AI-augmented drug discovery and development, over the course of its existence and continuing into the first half of 2024, the company has enjoyed quite a number of proof points that strongly position us to benefit from the rapid and promising evolution in our sector. During the period, we have significantly strengthened our executive leadership, as well as our board of directors, with a very strong focus on innovation and execution of our strategy. We are quite pleased to be able to announce positive top-line phase I data reported for our lead asset, BEN-8744, in inflammatory bowel disease, and as mentioned, we expect to present the data at an upcoming leading medical conference. During the period, we also made significant advancements in our existing collaborations, both on target identification as well as in chemistry, further validating the capabilities of our Benevolent Platform. We have also had a laser-sharp focus on our business development activities and have been significantly increasing the number of active discussions, both for our collaboration efforts as well as for licensing opportunities. With the restructuring we announced during the period, this has allowed us to significantly reduce also our, our cash burn and extend our cash runway to the late third quarter 2025. With that, we would like to conclude our remarks, and we open it up for questions. We start with questions in the room before also opening it up for questions for people who have joined us online. If you have a question, please state your name, affiliation, and please wait for the microphone. Thanks very much for your kind attention. Hi, it's Rajan Sharma from Goldman Sachs. Just a couple on your kind of pipeline. So on 8744, we saw the initial phase one data in Q1 of this year. Could you just kind of provide an update on what the current status is there? Are you doing any additional work on that ahead of a partnership? And then maybe related, what are you thinking in terms of timeline on a partnership? And then just on those 10 additional programs that you are investigating as kind of potentially forming the next wave of the pipeline, are those in specific therapeutic areas, or are you now kind of agnostic from a therapeutic perspective? Thanks very much. I'll start with the second half of your question. So our platform is therapeutic area agnostic. Our clear focus is on super high medical need, as you can see evidenced in our pipeline. We believe that is, for us, the right space to be in because it allows us to bring to bear the full capabilities of our platform, and that's where we feel quite comfortable with. So our focus clearly is, and has been, on first-in-class and best-in-class approaches in very high medical need indications, and that continues to be the case also for the assets earlier in our pipeline. On 8744, we are basically right now ensuring we complete the required additional tox exposure work to allow us for longer exposure in patients for the drug, allowing that we can seamlessly continue the development of the asset. As mentioned, we are in active licensing discussions, and we are currently evaluating what is, for us, the best option forward, and of course, the exact design of a study will be subject to discussion with regulatory bodies but also with a potential partner. For us, the question is, of course, what is the right time point? What is the right value inflection point? I mentioned our current financial runway, and that is also why we are having these partnering discussions at the current stage. Morning, it's Karl Keegan at Singer Capital Markets. I have three questions, if I may, Joerg. The first one, there's been an uptick in M&A in the pharma tech or tech bio sector, and if you could give a comment on the context, 'cause the inference I'm getting is that it is driven by chemistry, which again, based on sort of some of the messages in the presentation, that would put you in a good position. So a comment on that. The second one is, you mentioned your sort of network at in R&D, sort of leadership, and I assume that means that the Rolodex is still sort of very broad and in-depth. And a soft comment on that, if you could, about how that is enhancing the org... Sort of the business development, 'cause it just to give us a context from being external. And then the final one is more one for Anne, in that there was a mention of the PDE10. Is it right to assume that the mechanism sort of protecting the mucosal integrity in UC will be a similar mechanism in Crohn's, and therefore, as sort of external analysts, as we try and get sort of the value proposition, we could be thinking of Crohn's as a potential indication based on a mechanism. I know the, you know, clinical plans, et cetera, are not there, but is that something that we could be doing? Thank you. Thanks, Karl. Let me start with the first two questions, and then I hand over to Anne. So on M&A, in our view, I think the uptick in M&A activity, and especially I think the recent merger announced between Recursion and Exscientia, in our view, actually validates our strategy. When I look at Recursion, I always saw them as being strong in target ID. The strength of Exscientia was more on the chemistry side. When you look at Benevolent, actually, we bring both capabilities to the table, as evidenced also by our existing collaborations, and we have always simultaneously pursued, because we felt it is important that we have capabilities across the entire capability chain in drug discovery. So we see this in a way as a validation of our strategy. Our focus remains on execution of our strategy. Hence, we have a laser-sharp focus on our business plan, driving collaborations, advancing our pipeline. Our goal is always to create value for our shareholders, and of course, we will consider all opportunities, carefully watching what's happening in the sector. On network, yes, clearly, I worked more than three decades in the field. What we have changed in our approach slightly is that I use my contacts and facilitate discussions by reaching out to my former colleagues as heads of R&D, thereby facilitating more of a scientist-to-scientist discussion. Previously, the typical approach is you have business development talk to business development, and then on the potential partner side, the business development function has to convince the R&D function that this is worthwhile to invest time and resources in, so we are trying to create a pull by having a scientist-to-scientist discussion as compared to having to overcome the business development side of things on the potential partner side first, so that's the difference in our approach, and as mentioned, we are quite happy to see that we have a significant uptick in the number of active discussions ongoing, and with that, maybe we can hand the microphone to Anne here in the first row to address the question on barrier for Crohn's. Yeah, thanks for the question, Karl. As you know, we've got patient biopsy samples from both Crohn's disease and ulcerative colitis disease patients, where we've been able to show a really significant anti-inflammatory effect with 8744, irrespective of whether those patients had, you know, UC or Crohn's. In terms of the mucus homeostasis and the barrier integrity, mechanistically, because PDE10 hydrolyzes both cyclic A and cyclic GMP, we believe the cyclic A component will deal with the will be anti-inflammatory, but the cyclic GMP element will bring this improvement in barrier integrity. So because mechanistically, that is a very similar, very shared mechanism across ulcerative colitis and Crohn's, we believe mechanistically, yes, we will see that anti-inflammatory component, but also the restoration of barrier integrity and that kind of mucus homeostasis in the gut should be similar for both ulcerative colitis and Crohn's. So yeah, this is a staged approach from us. We're, you know, we're investigating ulcerative colitis in the first instance, but this asset really does have the legs to move forward into Crohn's, we believe. Okay, good morning. Paul Cuddon from Deutsche Numis. Two questions, please. Firstly, on the AstraZeneca collaboration, which has been kind of lucrative for both parties, from a revenue perspective to Benevolent and new targets for AstraZeneca, I mean, to what extent could that potentially morph into a chemistry partnership, kind of following kind of some progress on the AstraZeneca early-stage discovery side? And then secondly, just the general environment now for your collaboration discussions, I mean, the AI augmented drug discovery market is a bit more competitive. Do you think you could get similar terms to previous agreements, or is the advantage of the Benevolent platform increasingly recognized, and perhaps you could get better than the previous terms of your last agreements? Thanks, Paul. Starting with AstraZeneca, so I think both companies have had tremendous success with this collaboration. It's been a very successful and productive collaboration from early on. And of course, there's always the possibility for additional collaboration also involving other capabilities that we have. You will understand that I cannot share any specifics on the discussions we are having, but I can certainly share with you that we have been and are in discussions involving various aspects of our capabilities in our platform. We are having discussion with both large pharma players, with mid-tier companies, as well as biotech. So those discussions are ongoing, and they're ongoing at a higher frequency, as compared to just some months ago. On deal terms, my impression when I look at what is announced is not that we see sort of like a reduction of the attractiveness of deal terms. And so I believe quite the contrary, that the value and the potential of AI-augmented drug discovery is seen by more and more players. And having been in large pharma myself, for quite some time, I also know from first-hand experience how difficult it is to try to build up an expertise that Benevolent has built over more than 10 years with its investment into the platform. It's not something that even if you have the resources of a large pharma player, you can just build up overnight. So I don't see that. We see deal terms becoming less attractive. Thank you. As there are no more questions, it appears in the room. Do we have questions from participants joining us online? Miles Dixon, Peel Hunt, please go ahead. Many thanks, and, forgive me if, the questions were covered, my audio dropped. But, Joerg, if I can just ask you, you talked about the step up in business development, and interest in discussions, but also the challenges in getting those deals over the line in the current financial year. Is that merely a feature of the macro and greater caution around capital deployment, or is it actually, you know, greater contract complexity? And then secondly, I know that you've been around, seeing these deals signed for a long time, since really the inception of the AI application. Where are we really in the hype cycle of these? And that might be related to the wet lab work that you mentioned. Do all pharma players recognize the significance of having that, kind of real-world capability as well? Thank you. Thanks, Miles. So starting with time horizon on collaborations and licensing deals. First of all, appreciate your interest in the progress of those discussions. Clearly, as mentioned, this has been a key focus for the Benevolent leadership team, as well as for the revitalized board of directors. And when I mentioned we have been successful in driving up the number of those discussions, of course, you're right. These discussions have a fairly complex structure and a complex nature, demanding quite meticulous negotiation, but also precise strategic alignment. And it's therefore a bit challenging to predict the exact timelines, but I can reassure you that we remain fully committed and laser-focused to conclude such deals as soon as possible. And of course, we will update everyone as soon as we bring those over the finish line. With respect to wet lab capabilities, look, I'm convinced, and I guess going back to what I said earlier, in a way, you see indirect validation by the Recursion Exscientia merger that you need to be able to have capabilities across the entire spectrum of drug development. For us, and I guess increasingly also for others, the value and the critical importance of wet lab capabilities to be able to validate the predictions coming from your technology platform is super crucial. At the end of the day, we wanna bring forward molecules that help patients. Over the ten years of the existence of Benevolent and the realization leading to the acquisition of wet lab capabilities as an industry first in 2018, I think, speaks volumes to our conviction. You see that now, a couple of years later, others in the sector are seemingly following up on that track and also validate the importance of those capabilities. Great. Very interesting. Thank you. Our next question comes from Andy Smith, from Equity Development. Please go ahead. Good morning, and thank you for taking my question. Unlike Karl and Paul, I only have one, which is: What type of evidence do you think potential partners need to see to get enthusiastic 8744's activity in UC? Can it be preclinical, for example, in comparison with the JAK inhibitors, or does it need to be clinical? So I think when I look at the evidence generated, we have been able to generate already strong safety evidence in our healthy volunteer study. And this is actually allowing us to crossread, because clearly, with the previous members of the class, where there were CNS side effects reported, you would expect to see those also in healthy volunteers. And so I think the fact that we were able to see a very good safety track record in close to 60 healthy volunteers looks to me that we are on the right track with one of the key profiles for the asset. And then we also have strong ex vivo data. When you incubate fresh gut tissue from patients that have inflammatory bowel disease, ulcerative colitis, and Crohn's disease, and you incubate it with our BEN- 8744, we, at exposure levels that basically are similar to the ones we have been able to reach in our healthy volunteer studies, can demonstrate that this does lead to a reduction in inflammation markers like IL-6, IL-8, and TNF-alpha, so we have indirect first indicators of also efficacy, and in a way, I think as I tried to hint earlier on, this becomes more like a value inflection point discussion. You saw the Morphic acquisition by Lilly for a value of $3.2 billion. Morphic has a small molecule with a different mechanism that is one stage further from where we are. Lilly did the deal on the basis of phase II-A data. We have phase I data. So I would imagine that being able to further validate the profile of the asset, of course, is expected to drive a higher value. And that's basically, of course, what we are ideally set up to do, pick the right value inflection point for the asset, that is also right for BenevolentAI. Okay, thank you. Thank you. Thank you, and it appears there are currently no further questions in the queue. With this, I'd like to hand the call back over to Dr. Joerg Moeller for any additional or closing remarks. Thanks very much. This concludes the presentation of our first six months data for the year 2024 of BenevolentAI. I'd like to thank you for your kind attention and the good discussions. And I also would like to thank Tom for joining me here on the podium. Have all a wonderful day. Thanks so much.