Good morning, and a warm welcome from my side to the presentation of our second half year and full reports of Thor Medical. My name is Jasper. I'm the CEO of the company, and it's my great pleasure to take you on a journey of our achievements of last year and our focus for this running year 2025. Before we join and start the presentation, let me just share the disclaimer, usual sermon, but forward-looking statements, and that this presentation has to be seen in the context of the verbal delivery. Now, since we are here as a company that is in the field of medical isotopes, let me introduce our company in a few broad strokes. We are an emerging supplier in the field of alpha-emitting isotopes, and we are a company that is 10 years in the making. It started with a proof of concept 10 years ago and now developed over these concepts from PowerPoint into something real. We have built a plant of brick and mortar here in Norway, two hours south of Oslo in Herøya and Porsgrunn. This company, this production plant, is producing isotopes as we speak. We see this market developing in a very promising way, which brings us to the ambition to gross out an eye-watering $1 billion long-term since this market is at its infancy right now. We will speak about this in a minute. We have had our first production run already in last year, October. We started production, and we have produced isotopes, and we are still producing isotopes here in Norway. While we are doing this in our pilot site, which intention is to prove our technology and scalability, we are ramping up plans to build Alpha One, which is our first commercial plant to produce commercial volumes of isotopes to supply global pharmaceutical companies in their clinical development. What do we speak about? In broad strokes, this is the schematics of a targeted radiopharmaceutical. It is important to note that our company is focusing on the radioactive compound. We are not in the business of developing antibodies or peptides that target these cancers. We are the partner to bring the isotope, the nuclear warhead, to the radiopharmaceutical. The radiopharmaceutical, as such, will be injected into a patient, and the targeting molecule searches the cancer cells because they have a specific surface. For instance, prostate cancer has a different surface and a different antibody structure that can be addressed with this drug than, for instance, a melanoma. By this way, we bring a toxic radiation to the cancer cells and effectively kill these cancer cells. Our role in the market is the supply of these isotopes. With that, we do not have this binary outcome of clinical development. We are providing these isotopes, and we are agnostic of the targeting molecule or linker. We can work with antibodies or peptides or even nanoparticles. This is the position of our market, and it is very unique. Looking back at 2024, I would like to share a few highlights with you. We have opened that plant successfully in time and in budget. At the same time, we have shipped samples from that plant to customers who have approved the performance of our products. By that, of course, also mitigating the risk of our technology. We have shown that this technology works, is scalable, and produces radioactive isotopes for medical purposes in a quality and spec that actually works for our customer. That is a very big highlight, actually, to manage. We have already secured sales agreements with three players in the field. Two of them we can name. The third one is a pharmaceutical giant, which wants to remain undisclosed at this point due to the fact that they have not themselves disclosed that they work with Lead-212. With Advan Cell and ARTBIO, we have two of the leading companies as our partners and as our customers going forward to actually fill the capacity to a good degree of Alpha One. At the same time, we need to secure our feedstock supply. With that, we are maturing discussions with different players in the field so that we do not rely on a single source and that we have a very strategic partner at our hand. Last but not least, we had a capital raise for Alpha One, which is the production plant of our future, our commercial side. Alpha One now is fully funded due to the capital raise we have done in December, together with a repair offering that came in in January and an Innovation Norway loan of NOK 90 million, which, of course, is also very helpful for us to strengthen the position here in Norway and build Alpha One here in this wonderful country. Alpha One is actually front and center of this presentation. We want to take you on this journey to explain what Alpha One means to us and what it can mean to customers and patients eventually. In broad strokes, and this is an artist's rendering of Alpha One, but this building actually exists. We have our pilot site on the right side of this building. The rest, we have rented on an option agreement. Once the final investment decision is there in March, we will start building Alpha One in this existing building. We have a concrete plan how to do it. In the end, after three years, Alpha One will deliver 15,000 patient doses and growing. We will employ 15-20 people, which, of course, is also a factor for us. After 12 months after the final investment decision, we will have a mechanical complete. The plant will be ready. After commissioning, we can start production already next year, producing commercial volumes of isotopes from the thorium decay chain, which is big. Now that we have concluded that our company is actually evolving and we're making strides toward an industrial player, a commercial player in the field, let's take another look at the market that is very attractive to us and why we're actually doing it. There are many data sources out there indicating that radiopharmaceuticals is very hot and that there is a very attractive market out there. This is a data source that came from 2023, and it projected the growth until 2032. The same data is, by the way, also used by Novartis in their publications to the stock market. You can actually see that this exponential growth is happening already from 2022, where there was just a mere $1 billion market size for the therapeutics. It has grown to a multiple of this already in 2024. The $7 billion in 2025 this year is not far out of reach. Now that we are picking up speed, we believe that this market will grow to the $25-$30 billion in the early 2030s, which is, of course, an attractive market. Historically speaking, isotope suppliers like ourselves get a fair share of this market. Do not just take my word for it. Have a look at many public newspapers, mainstream newspapers that actually indicate radiopharmaceuticals, especially with focus on certain types of cancers, are a hot topic. We see big companies coming into this play. BMS, for instance, Novartis, they all move in the area of radiopharmaceuticals because it is so promising as a therapeutic area. This is also testified by the fact that the radiopharma deals doubled between 2023 and 2024. This momentum is actually increasing. This is driven by an all-time high in oncology trials in general. Within radiopharmaceuticals, targeted radiopharmaceuticals, so those that use an active targeting molecule to find the cancer, there are two different camps: beta-emitting isotopes and alpha-emitting isotopes. Beta-emitting isotopes are generally easier to produce and handle. They have a longer half-life, and they can basically be stockpiled, and they can be attached, and the transportation is not as crucial as the short half-lived alpha isotopes. In beta, you are not as precise because the travel pathway of this particle that is emitted, typically an electron, is very long. It traverses through hundreds of cells. The punch, the energy, the kinetic energy it transmitted is not as high because the particle is so light. Unlike alpha, where we talk about a very short range, only 5-10 diameters of a human cell, but it's a very heavy particle. Technically speaking, it's a helium nucleus that is emitted from the isotope. It punches the cancer cell in a way that both DNA strands are ripped through, and the cancer cell actually dies. The efficacy potentially is very high with alpha, and the toxicity profile is very low because of the short pathway. Especially with the alpha-emitting isotope that we speak of, the thorium decay chain, Lead-212 mainly, we see a very clean decay profile. We have reasons to believe that this is a very healthy and very safe isotope to use in radiopharmaceuticals. Now, we talked a bit about the difference between a pharmaceutical biotech and us. One of the reasons, commercially speaking, is we have a hedged bet, more or less. If you see the market developing, typically the attractive part is when the first drug hits the market. Of course, that is an important milestone for us. We hope that all of these wonderful companies developing these important drugs are successful in their clinical development. For us, we can already break even before that happens because of the market that is already there in the clinical trials. This is enough for us to survive. We can ramp up the production, as we are discussing here, to serve our customers through clinical phases. When they achieve commercial approval, we can help them to serve them with commercial volumes of our isotopes. The therapy will actually move up the line. The efficacy is proven in not only the clinical trials, but also in market surveillance studies. In the end, it will become standard of care in many cancers. The market will develop into a multi-billion dollar market. This is focusing on the customers here working with Lead-212. Maybe taking a closer look here, you have also seen our announcements. We have made deals and sales agreements with three of them. We are speaking to all of them, actually, to sell our remaining capacity and have strategic agreements for the future. The other element you can see here on this busy chart, on the right-hand side, is a lot of news flow coming out also very recently. For instance, Orano Med, a state-owned French company, Sanofi bought a stake in this company, rendering its valuation to more than $2 billion, which is a massive number for a clinical company. Of course, Adbio, Advanced Cell, big news coming out also for them, partnership with Eli Lilly, very successful capital raise. We are very happy to have these companies as our customers. Of course, looking at Eli Lilly, looking at Sanofi, these are big, huge names even in the industry. These names come into the table of alpha and Lead in particular, which proves for us that we are on the right track with our company betting on these alpha-emitting isotopes. Of course, there is a third one that we cannot disclose here, but it is also a big company in the ranks of Eli Lilly and Sanofi that wants to have a seat at the table when it comes to Lead-212 and alpha-emitting isotopes. What does it mean for us? If you ask me what causes sleepless nights for me, it is our capacity of Alpha One. We have built Alpha One based on the agreements and the discussions we had. We have basically ticked that box that we have enough agreements to build Alpha One based on the offtake that we have. We have indicated demands that actually exceeded by far, doubling basically what we currently can produce. What our team is doing in R&D, in production, in our management team is to evaluate opportunities to increase output, to create efficiency, to have automation and other innovation done that we can increase our capacity without adding significant capital to the plant. That is very important to be able to be a partner for more customers and actually to break even quicker and to capture actually the demand that we see. For me, it burns me seeing this demand out there not being able to serve because of the limited capacity of Alpha One. That is something that we are actively working on. Now that we have concluded that the market is attractive, that we are set up for success in the market, that we are making strides, that we have something tangible out there in Herøya, I want to invite my dear colleague, Brede Ellingsæter, on stage. Brede is CFO and COO of Thor Medical. He will walk you through the operational development in our process. Thank you very much, Jasper. Good morning, everyone. It is a pleasure to be able to give an update on the operational development. Let me start by recapping what is the unique position of Thor Medical. We have developed a proprietary technology that allows us to scale and deliver cost-efficient isotopes from the natural decay of thorium. That is what is called thorium-232. We can do that without any use of irradiation or in the form of a nuclear reactor or accelerator. What we are doing is that we are taking the natural thorium and we are extracting the radioactivity that is there naturally in the form of radium-228. We are further purifying and producing our core products that is the thorium-228 and radium-224, which is the generator material that the customer used to generate Lead-212 close or in fairly close proximity to the patients due to the short half-life. We also have the capability to produce the Lead itself, which we are doing for one of our partners, but that also puts some restrictions on the lead time to that customer. It is very important to understand the competitiveness of the process. We are able to continuously reuse the raw material, natural thorium. It has a half-life of 14 billion years, which means that we can continue to increase production even if we are only taking in the same rate of new raw material every year. The same goes for our intermediate product that is the radium-228. It also has a half-life of six years, which means that we will benefit from what we produce in year one, also in year two and year three and so on. That is why we call this process self-scaling, self-sustaining, where we are able to reuse all the raw materials and chemicals. It is why we have trademarked the production route, Alpha Cycle. This is a process that a nuclear reactor or accelerator can never replicate. This is the natural decay of the thorium chain. This is the core of our competitiveness. Let us be a bit more concrete and look at what we have done so far. We started the pilot in October last year, and it has been running since. We are using that now as a launchpad for further growth, supplying small quantities, but still commercial quantities of thorium-228, small quantities of Lead-212, and trying to use the pilot as a bridge until we have Alpha One in operation in 2026. What we have been doing so far to increase production is that we have made small but incremental investments in automation, which allows us to increase the production now in the coming months. It will continue to increase towards the end of the year based on the process that I just tried to explain that we will continue to benefit from what we have produced before. Our main focus now is Alpha One. This is our first commercial scale plant. It is set to start supplying our partners for the early phase of clinical development and eventually also into commercial stage for them. It is an expansion of the current pilot facility where we are taking use of the rest of the building that is already there. The self-scaling process is, as you can see on the graph here, we are reaching some 15,000 patient doses after three years, which will be equivalent to some NOK 250 million in revenues. We will continue to scale over the next decade until reaching some 40,000 patient doses. We believe we will have to do more, invest more at an earlier stage to have more capacity. This is as the plant is designed right now. Alpha One will be enough to take the company into a cash-positive operation within two years of running the site. We are in a good position financially also. As was mentioned, we have a target to make the investment decision now in March this year. We need approximately 12 months to complete the plant and start producing products sometime mid next year. This is what I want to talk a little bit more about here on this slide. What are we doing right now? What we are doing is that we're running a pre-project, preparing for the investment decision. We are completing negotiations with subcontractors for production equipment, stuff like that, which is very important that we have good visibility when it comes to cost and time to be able to execute the project in a good way. We will conclude this pre-project now in the next couple of weeks. We are on track to make an investment decision in March. Once the investment decision is there, we will put the orders for the long lead items, which is typically the contract that we are now negotiating. We will start detail engineering. This is very detailed work of pumps and pipes and stuff like that. We will start civil work in the building, which will take somewhere between six and eight months to remodel and refurbish the building to the purpose of Thor Medical. Once that is done or nearly done, we can start installing production equipment, which will be done towards or started towards the end of this year and completed sometime in end of Q1 next year. We will need some time to commission the plant, starting the plant up before we start putting products out, which we estimate will be sometime in the summer of 2026. In parallel to building and executing on the project plan, we will also develop the organization. We have started to hire core positions in the plant, Alpha One. We will continue now to build around that. Also in the rest of the company, we will start expanding on support functions, stuff like that, in a way that we are positioned to grow once Alpha One is ready. I also just want to look back at our fairly ambitious ramp-up plan that Jasper alluded to. We have come from a period where we did a proof of concept starting almost 10 years ago. We have done piloting. We are now planning Alpha One, the first commercial site. We will have to do more once these therapies start coming through to commercial approval. This is what we conceptually call Alpha Two and eventually Alpha Global, that we can reach a million patient doses. A million patient doses will be equivalent to treating 200,000 cancer patients, which is a fair target for us. Also, somewhere in here, there is opportunity in Alpha One to potentially make investments that do not take us directly to Alpha Two level, but would significantly expand the capacity of Alpha One. There is space in Alpha One, and it's an option down the line. Financials, let's spend some time on that as well. Looking at the previous period, we are still a very lean organization and in that sense, cost-efficient. We had a loss for the period of NOK 29.6 million, of which NOK 12 million was related to payroll in the second half of 2024. We had additional costs, which was mainly related to installments in the pilot factory and other overheads in the company of close to NOK 19 million. We had grants from Innovation Norway in the second half of NOK 3 million. We also had booked support from SkatteFUNN, the Research Council of Norway, of NOK 3.6 million. We closed the year with NOK 123 million in the bank. It is fair to also mention that subsequent to the report, subsequent to finalizing the year, we received gross proceeds from the rest of the share issues that was completed in January of NOK 84 million. In total, we have raised almost NOK 200 million. That was not reflected in the statement. We are fully funded for building Alpha One and ramping up production next year. The estimated capital requirement for Alpha One is NOK 330 million. We have raised NOK 200 million in equity. We have received a loan of NOK 90 million from Innovation Norway. We have good dialogue between Eksfin and our commercial banking partner to facilitate the working capital facility that would bridge the gap from these NOK 290 million to these NOK 330 million. We are fully funded. Alpha One will take us into a cash-positive operation, which means there is no need for further capital for Thor Medical with the current plans. With that, I'd like to give the word back to Jasper to conclude. Thank you very much, Brede. I think exciting stuff. Thanks, Brede, for presenting this. Alpha One fully funded. We have made strides in securing our customers. We have built a pilot site. We are ready to build Alpha One. Come investment decision in March. Let me just wrap this presentation up with one single slide, which should indicate our laser focus for this year. 2025 is another pivotal year for Thor Medical. We need to have our feet on the ground, not be confused with the $1 billion target that is somewhere in the future, but rather do the right things in the right way this year. We need to refine and innovate our production process in the way that we can potentially have a good angle on increasing our capacity without adding significant CapEx and then execute on the plans we have laid out very diligently for Alpha One. Come investment decision next year and next month, we will execute on this plan and build Alpha One as successful as we have built the pilot plant in time and in budget. When it comes to our customer side, we have the opportunity with increased capacity to attract more customers. We keep continuing our maturing discussions with all these players in the field of Lead-212. I indicated already earlier, there are more players coming to the table. The pie is getting bigger as we speak. We are doing what we can to secure a good share of this market, but being a first mover in this field, the chances are very high with our technology and our positioning that we actually achieve a higher strategic or number of strategic agreements with more customers. Brede mentioned strengthening the organization, which is very important. We are, of course, cognizant of the fact that we are not yet cash positive. We are investing where it really matters, where we drive value. That is in production. It is in R&D. It is these focus areas where we are staffing brilliant people and attract them from other countries, other regions in Norway to our sites in Porsgrunn and in Oslo. We build a fantastic team that actually can do this. Do not expect anytime soon to have a big headquarter organization because we feel that the value is where it really matters to invest, which is in production and R&D. With that, I would like to close this presentation. Thank you very much for your attention here. We open the floor for questions on the line or here in the room. Brede, do you have any questions received? Give me a second. Sure. Any questions from the room so far? No? We have received two questions from Petter Arnesen. He's asking if everything is in place, why haven't you taken the investment decision for Alpha One? Okay. I think maybe I'll start and then you chime in, Brede. We are a company that is not cutting corners. We need to be very mindful of the fact that we are in a business that is very heavily controlled and we are dealing with substances that are harmful. With that, we need to prepare this investment decision in the right way that the board can support it and that everybody's on the same page that we move forward. This means that we are running this pre-project. We are lining up our partners and vendors. We are tendering in a way that we have a high degree of visibility long term of the entirety of the project in terms of investment timeline and everything that needs to be in place. That is why we are finishing that work before we take the final investment decision in a couple of weeks. Anything to add from you? No. That is good. He has a second question here. How far into 2026 are you financed? What is the status of working capital financing? I think you are much more competent to answer this one. Sure. We are fully funded through 2026 and through ramping up Alpha One. The status on the working capital financing is that we have initiated the process. We have good dialogue and have had for some time with Eksfin, the export organ here in Norway, and together with our commercial bank. We will not have anything now, likely in the first half of this year, but we expect that we have something hopefully second half of the year or into next year. We have another question from Benjamin Arnesen. Have you announced three offtake agreements? What can you say about commercial progress? That's a fair question. We have these three offtake agreements. You have seen the share, what they actually mean of production capacity in Alpha One. This has been our limiting factor. We are talking to a lot of potential customers. We have sent our samples to a lot of other customers. They have approved that these samples actually work and are on spec to what they expect. Our problem is that we can currently not give a promise on a meaningful capacity. A lot of these customers request a high capacity from us, which we cannot deliver currently. We need to work with that and find ways of satisfying the demand. I think there will be more commercial agreements going forward. A question from Thomas Sagen, which customers will receive deliveries from the pilot site? Basically, all these customers that we have under contract and more. We use this pilot site, as I said in the onset of this presentation, to prove that our technology works. Now that we have even increased capacity by a factor of two, we can support preclinical and sometimes clinical work of our customers. At the same time, we need to reserve a certain capacity to ship to these potential new customers that they get a sample before they actually close the contract with us, that they have visibility and confidence that our product is meeting their expectations and their specifications. A question from Bjørn Bjerke. Where do the Thorium supplies for the pilot come from? Will it be the same for Alpha One? We work with a European conglomerate, a big company, to supply us with the Thorium. At the same time, we explore other partners like mining operations worldwide. This European supplier has been supplying the pilot. For the foreseeable future, it will supply also Alpha One. Okay. That's it. Good. Thank you very much. Have a nice day.